Clark & Washington

Credit Cards After Bankruptcy: What are my options?

Once you have completed a bankruptcy, it’s going to take some time to start building up your credit again. Credit cards that are available to you once your credit has been ruined are going to have high interest rates and low limits. You’ll have to start with secured credit cards, which come in a variety of options but which are designed to help you build up your credit.

Current Credit Cards You May Be Eligible For After Bankruptcy

1. Capital One Secured Mastercard

The Capital One Secured Mastercard is designed to help you build up your credit with responsible purchasing and making your payments on time. You’ll be required to make a security deposit of $49, $99, or $200, and receive an initial credit limit of $200. The amount of your security deposit will depend on your current credit worthiness. While this is much like a pre-paid debit card, Capital One reports to the three major credit bureaus every month and this will help your credit score.

2. Wells Fargo Secured Visa Card

Wells Fargo also offers customers an opportunity to build back up their credit with the Wells Fargo Secured Visa Card. When you first open the account, you’ll have to put at least $300 into it. This $300 then becomes your credit limit that you use just like a credit card. Like the Capital One Secured Mastercard, Wells Fargo will report your account activity to the three major credit bureaus. When you pay your bill on time, this will help improve your credit score.

Contact An Experienced Bankruptcy Attorney

As you work to build your credit back up again, don’t fall into the same bad habits that got you there. Keep your balances low, pay your cards on time, and don’t take out more than you can handle.

If you are considering filing for bankruptcy, give Clark & Washington a call today at 770-824-3108 to see what your options are.

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