Have you filed recently for bankruptcy? Are you worried that your chances for credit are gone? If so, here is some great news: you can still get a credit card after bankruptcy. And here’s some even better news: you can begin taking steps immediately to rebuild your credit. With cautious planning, you’ll soon get back on financial track. Read on to learn more about how to apply for a credit card after bankruptcy.

Credit After Bankruptcy 

A bankruptcy filing could stay on your credit report for up to ten years.  However, you don’t have to wait a decade before applying for a credit card.  Credit card lenders make a decision to approve or deny credit on an individual basis.  Lots of companies give cards exclusively designed for those with poor credit.  This means that you may be approved for a credit card rapidly after bankruptcy.   

Before you apply for a credit card, bear in mind that because of the bankruptcy filing, you could be viewed as a higher risk customer to lenders.  What this means is that it might be more expensive receiving and keeping a credit card.  Credit cards for those with poor credit generally come with higher interest rates and lower credit limits.  Keep in mind that having a credit card is considered a privilege.  If you use it wisely, you will be able to enjoy numerous benefits involved.   

Imagine Gold MasterCard  

The Imagine Gold MasterCard is a smart card to apply for after bankruptcy. It accepts all applications and doesn't require a security deposit. What’s better, it reports to all three big credit bureaus. This card has various fees, including an annual fee of $150 and a one-time processing fee of $4.95. As you use the card and pay in full the balance every month, you can improve your credit score. You will also enjoy regular increases in your line of credit.

First Premier Bank  

First Premier Bank specializes in cards for those with poor or no credit.  With their system, you could easily get a card and work at regaining your credit.  Be expecting to pay certain start-up fees, as well as each month and annual fees, for using their card.  If you pay your balance in full each month and practice careful financial management, First Premier Bank will help you pull away from your bad credit history.   

Rebuild your Credit 

Once you have a credit card, you can take a number of steps to fix your credit score.  Watch out for when and where you use your card.  Before you make a purchase, think about whether or not you will be capable of pay it in full quickly.  Begin by buying small, inexpensive items.  Then pay in full your bill every month.  If you work hard to pay off your balances promptly and in full monthly, credit card companies and other lenders will notice it.  This will considerably help you in your quest for better credit. 

There is life after bankruptcy.  Better yet, there are credit card alternatives available for those with poor credit.  By applying for a credit card after declaring bankruptcy, you could start to rebuild your credit.  When you have a new credit card, use it wisely.  With a little preparation, you will be able to enjoy increases in your credit score and line of credit.  Eventually, this will lead you to more credit options and a brighter financial future.