If you have filed for bankruptcy and would like to learn more about your options for credit cards once you get your discharge, then you will want to read on. We will be taking a look at the different types of credit cards that you can utilize in your credit repair efforts.
Secured Credit Card
\"Gas Cards\"
Secured credit cards are the easiest type of card to get because, as the name implies, they are secured by a deposit that you place with the lender. Approval is based on your deposit rather than your credit. For this reason, a secured credit card is also called a guaranteed credit card. Find a card that reports to the three credit bureaus and has reasonable fees.
Merchandise Cards
Merchandise cards are commonly overlooked in the world of credit repair. For those who are not tempted to overspend or buy junk they do not need, they can be a good tool. Merchandise cards are credit cards that allow you to shop at a specific website or catalog. Make sure you choose a company that reports to the credit bureaus. Just be careful that you shop smart. Some of these type cards offer products that are grossly overpriced.
Unsecured cards for people with bad credit
If your bankruptcy has been discharged for at least six months, chances are you can get an unsecured credit card. Seek out companies that specialize in working with bad credit clients. Three companies that come to mind are Orchard Bank, Capital One and First Premier Bank.
Department store cards
Like merchandise cards, department stores are generally very relaxed with their underwriting guidelines. Why? Since their ultimate goal is to sell you products! You just need to be careful that you don't overspend. Do not go buy things that you do not need. But, if you have the discipline to stay within what you can afford to pay off each month, this can be a great way to establish credit. Gas Cards You are going to spend money on gas anyway, so getting a gas card can be a good way to build up your credit history. Like department store cards and merchandise cards, gas cards generally have very relaxed underwriting guidelines. The gas companies know that if they issue you a card, chances are you are going to choose to buy gas from them!
Make sure you do not get in too deep. The last thing you want to do is end up right back in the same situation you were in. If you think that you can't handle it, stay away! You don't want to end up right back in the same situation of not being able to handle your bills!
Getting Credit Cards After Bankruptcy is Easier Than You Think!
Vincent Polisi is the founder of financethedream.com, the nation's premier rent to own program. To see rent to own homes listings, please visit us on the web.