Average Credit Cards with Great Rates

The short and simple answer is yes and no. The detailed answer is that it depends on how you use the credit card and which credit card you choose to use. If your credit card is over two years old this article may not apply to you. Most credit card companies will issue fair credit - credit cards to people outside of bankruptcy for more than two years. You may want to avoid applying to the same companies you included in your bankruptcy though.

If you are trying to establish credit after bankruptcy within two years a credit card can be a great way to begin. Before we talk about specifics let’s begin with a general understanding about your situation.  You have just recently filed bankruptcy on a number of creditors, and in any new creditor’s eyes your represent a high credit risk. For this reason, it’s logical to expect that you will have to pay the highest interest rates. So our goal should be to re-build our credit with the least amount of cost out of our pocket.

(more…)

Credit cards and credit scores are a delicate recipe; too much or too little of the ingredients could spoil the dish. Having worked in the mortgage industry for years I have seen almost every credit score and scenario imaginable and credit cards play a large role determining the scores.

On one hand they can improve your credit and over all credit ?worthiness? and on the other hand they can do just the opposite. Finding the right combination and wisely managing your credit cards is key to improving and maintaining a good credit standing.

(more…)