Credit cards can help you after bankruptcy! Learn which are the best ones to help you!
If you ever need to go through bankruptcy, you must know that it’s not an easy period in someone’s life. However, you can still live on and use this period to learn how to deal with your finances. Also, you can even find the best credit cards to help you after bankruptcy!
And that’s why we’re here to help you! You can start building your score and improving your financial life after bankruptcy. Secured credit cards can be the best option to help you build your finances after bankruptcy.
This type of credit card offers a high chance for people with bad credit to apply and qualify for approval. Also, you can even find some of them with lower fees. So, read o to learn more about the bankruptcy effects and how you can use a credit card to help you improve!
How long after bankruptcy can I get a regular credit card?
You probably already know what bankruptcy is if you go through this process. But you probably also know that it is only a period in your life that you can still live and learn with it.
Also, you may even have considered bankruptcy or a consumer proposal but went with bankruptcy because it would be the best option for your finances. And that’s okay!
But now, after you have gone through this period, you must want to know how long after you can get a regular credit card. The thing is that you can get a credit card even during bankruptcy. The problem is that you may not find the best cards in that situation.
Also, after your bankruptcy period is over you can get a credit card after your bankruptcy is officially discharged. However, you should probably get a secured credit card before you go to a regular card.
This is because you’ll need to increase your damaged score after bankruptcy. And secured credit card can be the best option for you to do this.
Now that you know more about how long you need to get a regular credit card after your bankruptcy period, you can learn how to improve your score.
By improving your score, you can find the regular credit score options in the market to apply for. Also, you may need to get secured cards to improve your score. This way, read our topic below to learn more about how to improve your score after bankruptcy!
How can I improve my credit after bankruptcy?
As we mentioned, secured cards can be the best option to improve your credit after bankruptcy. You’ll also need to know when your score will improve after bankruptcy. And we all know that your credit score can be affected after a consumer proposal or bankruptcy.
So, you can even use secured cards to help you get a regular credit card after. But you’ll need a secured card because they usually report your monthly payments to all the three major credit bureaus. This way, you’ll be able to improve your score.
But everything takes some time, so you’ll need to research a lot and be patient for your score to increase. In the meantime, we can help you find the best credit cards to help you after bankruptcy. So, keep reading!
Read our list of the 3 best credit cards to help you with your finances after bankruptcy!
You should know that you can apply for credit cards during bankruptcy. However, you may need to pay higher fees and it may not be worth it. That’s why this post is about you learning which cards you can get after the bankruptcy period in your financial life!
You can even find credit cards that you’ll give you an upgrade to a regular credit card if you use it well. So, check out our list below with the best credit cards to help you after bankruptcy!
Capital One Platinum Secured Credit Card
This Capital One credit card offers you a chance to build credit by reporting to all three major bureaus. Also, you can check if you’re pre-approved for the card with no credit score impact. You’ll need to pay $49, $99, or $200 as a refundable security deposit as well.
- Credit score: fair;
- Annual fee: $0;
- Regular APR: 26.99% variable;
- Welcome bonus: none;
- Rewards: reports to major credit bureaus.
Discover it® Secured Credit Card
This Discover credit card can help you build your credit score after bankruptcy. Plus, you’ll be able to have a chance to upgrade to a regular credit card if you use your card correctly!
And you can get your security deposit back if you are approved for an unsecured card.
- Credit score: fair;
- Annual fee: $0;
- Regular APR: 24.49% variable for purchases;
- Welcome bonus: Discover’s cash back match for all the cash back you’ve earned (dollar-for-dollar match at the end of your first year);
- Rewards: 2% cash back at gas stations and restaurants (up to $1,000 in combined purchases every quarter); 1% cash back on any other purchase (unlimited).
OpenSky® Secured Credit Visa® Card
This secured card does not perform a credit check when you apply. So, you don’t need to worry about impacting your score even more. Also, you can get your monthly payment reports sent to all three major credit bureaus and build credit!
- Credit score: fair;
- Annual fee: $35;
- Regular APR: 18.49% variable for purchases;
- Welcome bonus: none;
- Rewards: reports to major credit bureaus.
Now that you know that you can get great credit cards after bankruptcy, you may also want to know: can you get a loan while in a consumer proposal? You can use loans to help you build your finances after going through this rough path.
So, you can learn how to get a loan while in a consumer proposal! It may not be easy, but if you research and plan well, you can improve your finances and learn how to deal with money!
