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After filing for bankruptcy and dealing with the ugly mess that comes with it, you can move on to rebuilding your life. And one of the essential tools to be successful in life is a credit card.
Looking for credit cards after bankruptcy is a daunting task. Given that you weren’t able to pay all of your bills before you were forced to file for bankruptcy.
Spend some time examining your choices or lack thereof so that you can get yourself a good deal.
First of all, don’t get under any illusion about getting approved for any card of your choice. You just went through bankruptcy and not everyone is going to count on you to pay off the debt for a while.
The first choice you have to make is whether you want to get a secured or unsecured credit card. In this case, a safe would be your best option.
Though you need to deposit some cash, it will mean less hassle and more chances of getting approved.
Applying for an unsecured card at this time will usually mean a rejection and a further drop in your credit score. You will have to use your secured card for some time and pay for it religiously.
The next item on your agenda should be which bank offers the lowest rates. The difference may seem small, but that small amount can add up to a large amount in the long run; Especially if you again fall on hard times and find it necessary to maintain balance more than usual.
The card with the lowest interest rate will be the best option to keep your costs down. A card with a very low interest rate can be the key to growing your finances fast.
An often overlooked aspect is its fees. Annual fees, sign-up fees, and such can really cost a pretty penny.
Although you only have to pay it once a year or only once, as in the case of sign-up fees, the total amount of these fees can also add up to a significant amount.
It might also be a good idea to get a few more credit cards once you start setting yourself up again.
Resist the urge to have more. This can cause big trouble in future. Stick to just one or two credit cards after bankruptcy.
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