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DirectBanc.com - Secured Credit Cards After Bankruptcy

Secured Credit Cards After Bankruptcy are the perfect way to rebuild your credit.

Bankruptcy is a scary and and stressful time. One of the biggest worries most people have is; should they use credit cards after bankruptcy to repair their credit?

The answer is "Absolutely"! However, you need to be smart and only use credit cards as a tool for repairing your credit. This means that you should not use the card once you get it.

What? That's right, I said DO NOT USE THE CARD! Once you get a credit card after bankruptcy all you want to do is use it to place a positive account on your bureau.

Apply for a Secured Low Interest Rate Credit Card

You DO NOT have to make charges on a credit card to achieve this goal. In fact, when most people get their first credit card after bankruptcy they run out and max it out with hopes of showing their ability to repay the debt. WRONG! This actually harms your credit. Once your charges exceed 50% of your credit limit the credit bureau counts this as liability.

The correct thing to do is, get the credit card, add it to your auto bill pay to pay any annual fees that pop up then shred the card and forget about it. A credit card with a zero balance is HUGE, and the longer it stays open the more it helps you.

When using credit cards after bankruptcy to repair your credit you have two choices:

Secured Credit Cards - these cards have lower rates and annual fees and are typically offered by main-stream banks that are recognizable by creditors that look at your credit in the future.

Unsecured Cards - These cards will issue you a credit card without having to place a deposit with them. However, their fees and rates range from obnoxious to criminal. Many tomes they will issue a $300 limit and when it arrives it already hast $150 in up-front fees.

Secured Credit Cards After Bankruptcy

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Debit/Prepaid Cards

Secured Credit Cards

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More About Secured Credit Cards

	Secured Credit Card Limit Secured credit card limits are based on the amount of money that you send the bank that is issuing the secured credit card. However, some card issuers will raise your balance without having to send them more money after a period of timely payments.
	Secured Credit Card Interest Since the card issuers risk is lower, secured credit card interest rates are usually lower than unsecured credit cards that are designed for poor credit. The fees are lower as well.
	Small Business Secured Credit Card Secured credit cards don't have a credit card that is specifically designed for business, however, the credit cards that are available very useful for small businesses that are starting out or if the owner has poor credit.
	Prepaid Secured Credit Card Prepaid and Secured credit cards are usually thought of as the same type of credit card. However, these two classes of credit cards have some very distinct differences. More ...secured prepaid credit card.
	Secured Credit Cards for Students Secured credit cards are an excellent way to build credit while in college. The advantage to using these cards over non-prepaid cards is the lower rates and annual fees.
	Secured Credit Card Rewards Secured cards aren't usually known for their rewards programs, however. In today's tough credit market the competition is heating among card issuers spurring them to offer incentives, (rewards).
	Credit Cards After Bankruptcy Secured credit cards are an excellent way to jump-start your credit after a bankruptcy or foreclosure. The key is how you use them. Used the wrong way they could actually hurt your credit instead of helping it.
	Low Interest Secured Credit Card Low interest secured credit cards are here! People are turning to secured credit cards in droves in light od today's credit market. The heavy competition among card issuers is forcing them to offer lower and lower rates in order to attract new customers.
	Cash Secured Credit Card All secured credit cards require a cash deposit to get started. However, sending them cash isn't allowed. All deposits must be sent in a personal check, direct transfer or money order.
	Low Cost Secured Credit Cards Secured cards offer the lowest cost when you are beginning to rebuild your credit. The annual fees and interest rates are usually cheaper than other unsecured cards or personal loans.

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