After bankruptcy, how do you find a good credit card? Shop around. However, don’t expect any credit cards with a normal interest rate. Expect to get one with an interest rate in the teens (ex. 18%). You should also make sure that your card has a low application fee and a low yearly fee. Because credit card companies know that people with a low credit score are desperate, they will often charge very expensive application fees. You should also watch out for credit cards, which try to cash in on “other fees”. A good way to protect yourself from such tricks is to fully read the “terms and conditions” section of the credit card offer.
If you are looking for a credit card right after bankruptcy you should know that your chances of getting an unsecured card are very slim (unsecured means that no property or collateral is tied to your card). As such, those with damaged credit need to seek secured cards, which are linked directly to a checking or savings account.
The limit on a secured card is the amount of money you have in your checking account. For example, if you deposit 0 into your checking account, that is your credit limit. If, for some reason, you can’t make the payments, the credit card company will stick their hands into your checking or savings account. However, keep in mind that some secured credit cards make your credit limit be a percentage of the deposit amount.
Where can you find some unsecured cards? If you Google “card ratings” you’ll see some sites, which offer reviews of credit cards. The first site you’ll see even has a section dedicated to people with bad credit scores.
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