Are There Credit Cards For People With a Bankruptcy?
There are credit card options for those who are trying to build after bankruptcy. From secured cards to those with annual fees, it is possible to rebuild credit.
Filing for bankruptcy is a big step in putting debt behind; however, the first thing on many people’s mind is rebuilding their credit. It is possible to rebuild credit and improve the FICO score with a credit card. There are many credit card companies that will offer credit cards right out of bankruptcy. The key is the bankruptcy must be discharged, but don’t be surprised to get several offers in the mail even before the case is over. So what cards are the ones to take advantage of?
First Premier Bank
First Premier Bank offers credit cards to those who are credit challenged. While they are not the best card on the market, it is easy to obtain. They charge a yearly service fee and usually will start out with initial credit offers that are low. For instance, they may offer a person a $500 credit line, but by the time they take out all the fees, they may have $200 left of open credit. Is it not the perfect credit card, but if paying to have credit is possible then it’s an option.
Everyone knows the famous card’s commercials. However, Capitol One is a great card to put in the wallet. Not only do they offer credit cards that are responsible, those who pay their credit card payment on time can get an auto loan too. So Capitol One is a pretty big company and they have a great deal of services to offer. Their annual fees are small to non-existent and it all depends on which package they offer.
Another smart way to ensure establishing credit is by using a secured credit card. There are hundreds of these cards on the market. The cards work by having the card holder place a deposit and they company will allow them to charge up to that amount. Over time, some cards will match the deposits to help establish credit.