Getting Credit After Bankruptcy Is Easy With Secured Credit Card

Most people hate to do it and look at it as a last resort but bankruptcy is sometimes the only option for people with their backs against the will financially. Although once your bankruptcy is discharged the stress of bills may be gone but a whole new type of stress will set in. That is the stress from being denied credit. How ever there is a easy to get form of credit that not many people know about and it can help you re establish your credit fast.
What To Use For Getting Credit After Bankruptcy
The first thing any one should do when getting credit after bankruptcy is to apply for a secured credit card. A secured credit card is secured by a cash deposit that you make with the issuing company. If you fail to make the payments they take the money from the account there fore eliminating any risk on their part. The great thing about secured credit cards is that the credit reporting agencies have no way of know its a secured account so it will be scored the same as a standard credit card.
When using secured credit cards for getting credit after bankruptcy the same rules apply. You will need to keep the balance to limit ratio under 50% or your credit score could be negatively impacted. Never pay late, even though the card is secured by cash a late payment will still be reported to the credit bureaus further decreasing your score. After a period of time with good payment history many companies will turn the card over to a standard unsecured credit card and may even increase the credit limit.
Getting credit after bankruptcy with these is an easy way to rebuild your credit rating. After a period of 6-12 months many creditors will be happy to extend you credit based on your timely payments to your credit card.
Learn more about secured credit cards and rebuilding credit after bankruptcy from a Wisconsin mortgage broker who has compiled a HUGE informative financial database to help you get back on track.
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