| The major drawback of filing for bankruptcy is that | | | | recurring monthly expense such as your cable TV bill. |
| your credit score will be quite low for a while. This | | | | The idea is to reload the secured credit card by the |
| world seems to evolve around your credit score. So if | | | | same amount or more. So if you are paying a bill of |
| your score is low, you might have trouble getting a loan | | | | $50 per month using the secured credit card, reload |
| for the house, credit card, or the car. Treat credit | | | | your secured credit card by $50 or more per month. If |
| score as important as your social security number. If | | | | you repeat this process monthly and never let the |
| you have filed bankruptcy, then you should look to | | | | balance of the secured card accumulate, you stand a |
| increase your score as soon as you can. | | | | good chance to repair your credit score. This will show |
| Even after you have filed for bankruptcy, repairing | | | | the lenders that you have become responsible and |
| your score is easier than everyone will lead you to | | | | trustworthy and thus will not resort to another |
| believe. Credit card companies are desperate to get | | | | bankruptcy default again. Do not worry if you cannot |
| more clients, even the ones that have declared | | | | get a secured card. A lot of secured credit cards are |
| bankruptcy. Just 20 days after getting my bankruptcy | | | | aimed towards people with bad credit history so you |
| discharged, I received a preapproved letter from | | | | will more than likely get one. |
| Capital One for their credit card. Even though it has a | | | | 2. Once you have consistently paid off your secured |
| limit of $500, it is my first measure towards rebuilding | | | | card balances, try to apply for an unsecured card. |
| my credit score. I received my first credit card post | | | | Credit card companies ordinarily issue unsecured credit |
| bankruptcy and has been working towards raising my | | | | cards to individuals based on the credit history and |
| credit score. At the time of this posting, my score | | | | income. Since you have just been through the |
| stands at 750, only 13 months after receiving my | | | | bankruptcy process, you will probably not be the ideal |
| bankruptcy discharge papers. | | | | candidate to get an unsecured card initially. The reason |
| You should start to repair your credit score as soon | | | | why you should apply for an unsecured card is |
| as you have filed for bankruptcy protection. The | | | | because you have already established a good credit |
| easiest and guaranteed ways to fix your credit score | | | | history months leading up to the application. |
| is to do the following: | | | | Take precaution not to "max out" your secured or |
| | | | unsecured credit card when you want to fix your |
| 1. Reestablish your credit history by acquiring a | | | | credit score. Lenders believe in the historical picture |
| secured card. By using a secured credit card, you can | | | | when evaulating your credit worthiness. If you can |
| only spend up to the limit of your balance. When you | | | | proof to them you can pay off what you are spending |
| get your $700 secured card, you will only be allowed | | | | each and every month, they will be more inclined to |
| to spend up to $700 at a time. Once you get your | | | | extend you a bigger line of credit, which eventually |
| secured card, you want to use it to pay some | | | | transform into better credit score. |