You might wonder at the chances of obtaining a credit card after bankruptcy. It is something that can be done. Yes, it is difficult, but not impossible. There are steps you can take toward doing this, and even possibly improving your financial rating. There are five basic steps you can take.
Step one:The first step is to check your reports. You may feel there is no use worrying about this as your record is so bad anyway. It is important, however. Just one error that gets corrected can improve your score by as much as ten or fifteen points. Every little bit helps get the score you need.
The second step is to start to immediately keep bills and other obligations current. Any debts that are not included in the bankruptcy should be brought immediately current and kept that way. This includes things like utilities and other such bills. This will begin a new record for you that will be an improvement. It will show that you can be financially responsible. Watch obligations so that you don't get overextended. Find ways to increase income or lower expenses if necessary.
The third step is to try and get a one of the secured cards, where you deposit a set amount and are given that amount of credit limit. Paying regularly proves that you can pay bills on time. Do note charges that might be a part of the offer, however. Low interest with no annual fee is best if you can get it. After you pay consistently for a time, say a year or so, you can request a higher limit or change to an unsecured card.
Step 4 involves determining what has caused your financial difficulties. If a catastrophic event occurred and you had no savings to offset it, then you may need to look at your savings habits. Building an emergency fund immediately will not only prevent further deficits, it will help you be able to stay current on things. If you are having trouble with money management habits, you may need to seek the services of a counselor. Determine if you can handle having a card, even if it is secured.
Step 5 involves assessing your financial status. Determine where you stand financially, and follow your spending a month to a quarter. Determine what needs to be altered, then make a budget taking all that into account. Be sure to include funding the emergency fund ASAP. Once you prove to yourself and others that you can follow a budget at all times, you will be ready to attempt to get that unsecured credit limit.
It may not be very pleasant to look at your scores and history, or to attempt to make it better. It may seem impossible. But, it is important to know you status and how you got there to begin fixing things. It is important to be aware of everything about your finances.
Getting a credit card after bankruptcy may seem like an impossible dream. After all, look at what your score and payment history is like. But don't give up hope. It is possible to repair your record over time and get a decent card.
Step one:The first step is to check your reports. You may feel there is no use worrying about this as your record is so bad anyway. It is important, however. Just one error that gets corrected can improve your score by as much as ten or fifteen points. Every little bit helps get the score you need.
The second step is to start to immediately keep bills and other obligations current. Any debts that are not included in the bankruptcy should be brought immediately current and kept that way. This includes things like utilities and other such bills. This will begin a new record for you that will be an improvement. It will show that you can be financially responsible. Watch obligations so that you don't get overextended. Find ways to increase income or lower expenses if necessary.
The third step is to try and get a one of the secured cards, where you deposit a set amount and are given that amount of credit limit. Paying regularly proves that you can pay bills on time. Do note charges that might be a part of the offer, however. Low interest with no annual fee is best if you can get it. After you pay consistently for a time, say a year or so, you can request a higher limit or change to an unsecured card.
Step 4 involves determining what has caused your financial difficulties. If a catastrophic event occurred and you had no savings to offset it, then you may need to look at your savings habits. Building an emergency fund immediately will not only prevent further deficits, it will help you be able to stay current on things. If you are having trouble with money management habits, you may need to seek the services of a counselor. Determine if you can handle having a card, even if it is secured.
Step 5 involves assessing your financial status. Determine where you stand financially, and follow your spending a month to a quarter. Determine what needs to be altered, then make a budget taking all that into account. Be sure to include funding the emergency fund ASAP. Once you prove to yourself and others that you can follow a budget at all times, you will be ready to attempt to get that unsecured credit limit.
It may not be very pleasant to look at your scores and history, or to attempt to make it better. It may seem impossible. But, it is important to know you status and how you got there to begin fixing things. It is important to be aware of everything about your finances.
Getting a credit card after bankruptcy may seem like an impossible dream. After all, look at what your score and payment history is like. But don't give up hope. It is possible to repair your record over time and get a decent card.
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You will find tips for rebuilding credit after bankruptcy and information on how to get a credit card after bankruptcy, today.
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