| The major disadvantage of filing for bankruptcy is that | | | | credit card will not allow you to spend more than you |
| your credit score will be quite low for a while. The | | | | have balance for in the card. Use your secured credit |
| importance of a good or decent credit score will | | | | card on expenses such as your monthly bus ticket |
| determine if you can ever apply for a loan on a car, | | | | when you commute to work. If the monthly bill that you |
| house or even a credit card. Since just about any | | | | are paying using the secured credit card is $75, |
| transaction in this economy is based on the credit | | | | remember to reload the secured credit card $75 or |
| score, take every effort to increase your credit score, | | | | more per month. You want to use this method to fix |
| even if you have filed bankruptcy. | | | | your credit score over a period of 12-15 months in |
| Reparing your credit score post bankruptcy can be | | | | order to establish your credit worthiness. If you can |
| accomplished rather easily and is unquestionably | | | | prove to the lenders that you are responsible for the |
| attainable. Just 1 month after receiving my bankruptcy | | | | debts you have incurred, you will see your credit score |
| discharged, I received a preapproved credit card | | | | increase over time. Do not worry if you cannot get a |
| application from Capital One Bank. Capital One knew | | | | secured credit card. A lot of secured credit cards are |
| about my bankruptcy as stated in the preapproved | | | | aimed towards people with bad credit history so you |
| letter and did not care that I have a little mar on my | | | | will more than likely get one. |
| credit history. I received my first credit card post | | | | Try to apply for an unsecured credit card some time |
| bankruptcy and has been working towards increasing | | | | after using your secured credit card |
| my credit score. It is possible to restore your credit | | | | Unsecured credit card is issued by the lenders based |
| score because I am the prime example of it. After filing | | | | on your income and your credit history, therefore it is |
| for bankruptcy, I did not even bother to check my | | | | more hard to get if you have just gone through the |
| credit score, because I know it will be extremely low. | | | | bankruptcy process. The reason why you should apply |
| After 15 months of credit repair, I managed to get my | | | | for an unsecured credit card is because you have |
| credit score to 750. | | | | already established a good credit history months |
| Why wait to fix your credit when you know your | | | | leading up to the application. |
| credit score will be damaged once you have filed for | | | | Take precaution not to "max out" your secured or |
| bankruptcy? | | | | unsecured credit card when you want to repair your |
| 1. Rebuild your credit history by acquiring a secured | | | | credit score. Lenders want to see that you are using |
| credit card | | | | your credit line frugally and that you can pay it off on |
| Secured credit card is relatively easy to obtain | | | | time. When they are convinced you have the ability to |
| because it has to be paid in advanced, and you can | | | | pay off what you are spending, your credit score is |
| only spend what your account balance holds. Secured | | | | bound to rise over time. |