What Are the Top Credit Cards Available After Bankruptcy Discharge?
After a bankruptcy discharge,rebuilding creditcan be a difficult and time-consuming process. However, getting a credit card can be a great way to start rebuilding your credit score. While it may be challenging to get approved for a credit card immediately after bankruptcy, there are still options available. In this article, we will discuss the top credit cards available after bankruptcy discharge.
Secured Credit Cards:
Secured credit cards are a great option for those who have recently been discharged from bankruptcy. These cards require a security deposit, which acts as collateral in case of default. With a secured credit card, you can start building your credit score by making timely payments and keeping your balances low. Some of the topsecured credit cardsto consider include the Discover it Secured card and the Capital One Secured Mastercard.
Unsecured Credit Cards:
While it may be more challenging to get approved for an unsecured credit card after bankruptcy, it is still possible. Unsecured credit cards do not require a security deposit, but they do require good credit. If you have a stable income and have made timely payments on your bills since your bankruptcy discharge, you may be able to get approved for an unsecured credit card. Some of the top unsecured credit cards to consider include the Capital One QuicksilverOne Rewards card and the Credit One Bank Platinum Visa.
Store Credit Cards:
Store credit cards can be easier to get approved for than traditional credit cards. These cards are typically offered by retailers and can only be used at their stores or websites. While store credit cards may have higher interest rates and lower credit limits, they can still be a good option for rebuilding credit. Some of the top store credit cards to consider include the Target REDcard and the Amazon Store Card.
Tips for Applying for Credit Cards:
When applying for credit cards after bankruptcy discharge, there are a few things to keep in mind. First, only apply for cards that you have a good chance of getting approved for. Applying for too many credit cards at once can hurt your credit score. Second, make sure to read the terms and conditions carefully before applying. Some credit cards may have high fees or interest rates. Finally, make sure to use your credit cards responsibly by making timely payments and keeping your balances low.
While getting a credit card after bankruptcy discharge may be challenging, it is still possible. Secured credit cards, unsecured credit cards, and store credit cards are all options to consider. By using credit cards responsibly and making timely payments, you can start rebuilding your credit score. Remember to only apply for cards that you have a good chance of getting approved for, read the terms and conditions carefully, and use your credit cards responsibly.