Have you recently filed for bankruptcy or are you thinking about filing for bankruptcy? Are you worried that your chances for credit are gone? Are you worried that if you file for bankruptcy you will never be able to get credit again? If this is you here’s some good news: you can still get a credit card after bankruptcy. And some even better news is that you will get offered credit cards immediately after bankruptcy. After bankruptcy, you can start taking steps immediately to rebuild your credit. With careful planning, you’ll soon be back on financial track. Read on to learn more about applying for a credit card after bankruptcy.
Can I Get Credit After Bankruptcy
A bankruptcy filing can stay on your credit report for up to ten years. But a misconception is that you will not be able to have a credit card until after it’s removed from your credit report. This is simply not true. You do not have to wait a decade before applying for a credit card. Lenders decide to approve or deny credit on an individual basis. Many companies offer cards specifically designed for those with poor credit. This means that you may be approved for a credit card quickly after bankruptcy. It is important to understand that bankruptcy is a tool that is supposed to help you get back on your feet. Thus, having credit is extremely important and sometimes after bankruptcy, your credit score may even increase.
Before you apply for a credit card, keep in mind that due to the bankruptcy filing, you may be viewed as a higher risk customer to lenders. This means that it might be more expensive to obtain and keep a credit card. Cards for those with poor credit usually come with higher interest rates and lower credit limits. Remember that having a credit card is a privilege. If you use it wisely, you will be able to enjoy the many benefits involved.
But also remember that if your thinking about filing for bankruptcy then your credit is probably bad already. Instead of going years with more bad credit filing for bankruptcy will allow you to begin rebuilding your credit immediately. Also, many times before a bankruptcy your credit is probably so bad that you would not have been approved anyway.
Rebuilding My Credit
Once you have a credit card, you can take a number of steps to repair your credit score. Be careful about when and where you use your card. Before you make a purchase, consider whether or not you will be able to pay it off quickly. Start by buying small, inexpensive items. Then pay off your bill each month. If you work hard to pay off your balances on time and in full each month, credit card companies and other lenders will notice. This will greatly help you in your quest for better credit. You can also go through your credit report and dispute any errors you may see in order to clean off your credit report.
Will I Have a Life After Bankruptcy
There is life after bankruptcy. Better yet, there are credit card options available for those with poor credit. By applying for a credit card after bankruptcy, you can begin to rebuild your credit. Once you have a new credit card, use it wisely. With a little planning, you can enjoy increases in your credit score and line of credit. Over time, this will lead you to more credit options and a brighter financial future.
Speak With a Lawyer
Karra L. Kingston Esq. helps individuals and businesses rebuild their credit after filing bankruptcy. Karra L. Kingston Esq. helps individuals use the bankruptcy process to eliminate debt and start over. Contact Karra L. Kingston Esq. at (973)-979-9078 for a Free Consultation.