Thursday, 30 July 2020

Top 5 Credit Cards To Get After Bankruptcy


In this article, we're going to be talking about these top five credit cards for people straight out of bankruptcy. When you're first getting out of bankruptcy, you really don't have a lot of options. Your options are limited. And I know a lot of people are going to say, well, why do you need credit? Or do you bankrupt because you didn't manage the credit cards you have?. And I understand the argument, but you have to start over, and it's hard to build your credit when you don't have credit. And it's hard to get credit cards when you have bad credit. So it's a vicious cycle, but hopefully, in this article, we can give you five credit cards you can apply for, to help rebuild your credit.

When you're first starting over rebuilding your credit, you really don't have a lot of options, you're kind of starting at Ground Zero, and none of these credit cards are great. They're not going to give you any points, not going to give you any miles, not going to get any kind of hotel or any special perks, or anything like that. Basically, these credit cards are just the bare minimum, if they even have any kind of perks at all. Most of them don't have any cash back rewards or anything like that. Basically, these credit cards are the credit card that you use, to get other credit cards. So you typically going to keep these credit cards for about, maybe, 1 to 2 years, and then you're going to get rid of it, and you're going to get something that's even better. Because by then your credit would have been established enough to get a better credit card. If are saying these credit cards are horrible, why do I recommend them? Well, I know they're horrible, I understand that, but you have to start somewhere.


1. Total Visa Credit Card 


This credit card does not have a security deposit but does have a one-time fee of $89, which may turn some people off but, in the grand scheme of things, essentially not pretty bad.

But here's the thing though, you get an initial credit limit of $300, and it does have an annual fee of $75 for the first year, and then $48 after that. I typically go for credit cards that don't have annual fees on them, just because I hate dealing with annual fees but, it is what it is.

2. City Secured MasterCard


This one has a minimum deposit of $200, however, there is no annual fee, and there is no first-time fees, or application fees, or anything like that. Highly recommend this one. 

3. Capital One Secured MasterCard

This one does have a minimum deposit depending on your credit, and they can be anywhere from $49 to $200, depending on your credit score, and other factors. They definitely not say what those other factors are, but am sure it has something to do with your credit history. This one doesn't have an annual fee, and you typically only get a credit limit of $200.

4. Capital One Platinum

Capital One Platinum

If your credit isn't too bad, this is the one I would go for. This one has a zero dollar annual fee, this has zero deposits, and this card has no application fees. So if your credit isn't too bad, you can go ahead and try to clock with this one.

5. Self Lender




Self lender in case you don't know is a loan that you can get help build your credit, and the beautiful thing about this loan is that you get the money back at end of the loan. They have to put your money inside of a CD. ( certificate of deposit), would you give back at the end of 12 months. I did the $50 one, I got $500 back, it was great. I started in January, got the money back in December.

That's not the reason why I include this in this article though, the reason why I included it in this article is that they have announced that they're going to do a credit card, if you make three consecutive payments on time, you can apply for their secure Visa card.


It's a real credit card, there's no approval process once your account is eligible which it should be if you apply for an account, then you're approved. There's no hard credit in your query, and there's no deposit needed. That's why I like it.




Conclusion

These are the five that I recommend. I know how difficult it is to reestablish your credit, but it's something you have to do, it necessary, but you have to be responsible with it, and so, you don't really have a lot of options at this stage, so you truly got to get in, where you can fit in. My recommendation is that you sign up for all of these if you can. A lot of people will also say, well, isn't there going to affect your credit?. Well, I think that if you have a bankruptcy on your credit, your credit is already affected. So there's that. And when you get one of these cards, what you want to do is keep your balance low, you want to pay your balance off at the end of every month, you do not want to carry a balance on these things because they calf ridiculous fees, but you, of course, you probably already know that, you're at the bottom of the barrel, you're gonna get horrible fees, and the last thing that you want, is to carry a balance on these cards.

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