There are individuals who can’t live without credit cards even after they went bankrupt. It is certainly not a straightforward thing to use credit cards once again after bankruptcy after one has already left a massive negative effect on his credit rating. These’re just the people who usually will not be entertained by bank and card companies.
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And so, is that really far-fetched for one to get hold of credit cards once again after declaring bankruptcy? The solution is – no. There are techniques to get credit cards and you also are able to regain your credit rating from there.
To start, you can search for credit cards providers that particularly provide unsecured cards to bankrupt individuals. Nowadays, there are some major card providers which will give out cards to low credit folks. Some small online companies also will give away cards to bad credit folks just since they apply through the web from their sites.
Mind you, the cards that you are able to obtain from the companies will charge you with higher interest rate (25 30 %). Besides that, extra annual fees, too much late fees, maintenance fees, and some restrictions in using the cards will be unavoidable until you got your credit fixed.
Obtaining a co-signer to apply for a credit card will be in a position to make you to enjoy a lower interest rate with the state that your co-signer has good credit. However, the co-signer is going to be the one who pays the debt if it happens that you cannot make the payments.
Lastly, if you are really desperate to crave for a credit card but you failed to obtain an unsecured one, you could opt for secured credit card, provided with an amount of down payment you pay to the bank or perhaps card company. The money that you pay will be the credit limit. If you are able to make payments regularly, you can slowly earn back the credit of yours and apt to be switched directlyto an unsecured account after two years time.