Credit Cards After Bankruptcy
Credit cards after bankruptcy are not the easiest thing to get but it is perfectly possible if you take some time to prepare. Filing for personal bankruptcy is never a easy choice, but you can come back from it and build a perfectly good credit score over time if you are willing to put in the long term work that is required. To rebuild your credit after bankruptcy you need to take certain steps and be ready for the long haul.
Credit cards are a part of modern life for many people and you will be able to get one again in time but before that happens you need to take some steps and learn some lessons.
- Take fiscal responsibilty for your self, no one makes you buy anything and many people live without cable TV by choice to save the $70 a month bill that comes with it.
- Don’t do the same things that got you into trouble before. If you have a big car and a house that you could not really afford do not aim for them again. Do not borrow money to buy items that you do not really need, no one has to have a 48 inch television.
- Look at your habits. If you smoke or like to drink expensive coffee or wine, you must stop or tone it down dramatically. The less you spend the more chance there is that you will never again need credit.
- Be honest with yourself. It took you years to get into financial trouble and it is going to take years to get out of it. There is no instant fix for bankruptcy.
- Do not expect to see a improve credit score overnight, it won’t happen and anyone who tells you that they can repair your credit instantly after bankruptcy is not being totally honest.
Credit Cards After Bankruptcy
Manage your Credit
One of the few ways to get credit cards after bankruptcy after bankruptcy is also one of the best ways to rebuild your credit. A secured credit card will show lenders that you can manage your money effectively and because the card is backed by a deposit of your money there is no risk factor for the bank. You will not be able to get yourself into debt with a secured card from your bank, but no one needs to know that it is not a normal card as they do look exactly the same. As long as you keep paying the card off each month there will be no fees and over time these regular payments can be used to show that you are able to manage your money responsibly again.
Secured Credit Cards
A secured credit card may seem like a crazy idea, if you had the cash to spend you would not need a credit card. A secured credit card is the only type of credit card you will be able to get for a long time after being declared bankrupt.The reason you should get a credit card backed by security is not so you can spend money you do not have but so you can build up your credit rating. If you have been through the process of filing personal bankruptcy you know your credit rating is going to take many years to get back to the desirable level but the sooner you start working on it the sooner you will see a increased score.
Stay Away From Short Term Loans
When you have no money and can not just pull a credit card out of your wallet it can be tempting to take out a short term loan. These are generally known as pay day loans and they are all too often the path to financial disaster. If you miss a payment the interest rate climbs to astronomical rates and it becomes a ball of debt that gets heavier and heavier and at some point becomes almost impossible to pay off.
Every Penny Counts
A wise man once said that what you earn doesn’t matter as much as what you spend. This is especially true for anyone who has been through bankruptcy, the only way you can get truly out of debt and back to life long financial well being is by spending less than you earn. You can do more hours or find a new job to increase your income, but you must think about what you spend. Some people will take a notepad along with them and record every penny they spend, no matter whether it is on a newspaper or a coffee.
It’s No Fun
I know that being declared bankrupt is no fun, you were used to just getting out your credit card whenever you wanted to, but you can work your way out of it and you do not have to ever go through bankruptcy or money problems again. You are in charge of your own destiny and using a secured credit card as one of your first steps away from bankruptcy is a good move.
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Pre approved credit cards
Every week in our mailboxes we receive pre approved credit cards. The question most people ask is “what are a pre approved credit cards and am I already approved?”
The simple answer is “NO.”
All pre approved credit cards are just teaser offers. The credit card companies send out these offers to see who will send in an application. The credit card companies do what is called a “soft hit.” A soft hit is a general look at your credit report. The important thing you need to know is a “soft hit” does not hurt your credit score.
Do Not Apply for All Credit Cards
When you send in the application for the pre approved credit cards offer is when an actual hard hit is done on your 
credit report. A hard hit is when you applying for a credit card or loan. A hard hit will lower credit score if you do too many in a short period of time.
In other words, if you respond to three pre approved credit cards offers and all three approve or decline you it will lower your overall credit score.
Just An Offer, Not An Approval
Pre approved credit cards are just an offer to apply for a credit card. People believe all these offers are actually approved credit cards.
The other part of the offer is the credit limit. Many times you will receive an offer for a $5,000 pre approved credit cards at 0%. Now you may receive an approval, but at a lower limit of say $1,000 and rate of 9.99% vs. 0%. The reason is after they reviewed your credit report they determined you did not qualify for the lowest rate.
You need to look at the pre-approved credit cards the same as car ads on TV when you see an offer for a brand new car with a payment of $199 a month. The car ads always say with APPROVED CREDIT really quietly as the ads ends. The credit card companies are just like the car companies want you to get you in the door and apply for credit. Read the fine print of any application.
Couple of tips on whether you should apply for a pre approved credit cards.
1. Do you actually need another credit card?
Just because the offer sounds good does not mean you should apply for any old credit card. Remember every time you apply for a credit card or loan you are lowering your credit score. Your credit score is what dictates the rate will you receive on credit cards and home loans.
The more credit applications the lower your credit score.
2. Do you have bad credit?
If you know you have bad credit and keep applying for more pre approved credit cards, which result in being declined you are lowering your credit score. The best advice is to get current on your present bills. Once you are current you can then see if a new credit card company will approve a credit card.
Applying for credit card after credit card does not make sense if you are declined for the same reason such as late payments. The credit card companies are telling you something if you are declined for a specific reason. The solution is to address the reason and once the reason is fixed then apply for pre approved credit cards.
The lesson is not to believe receiving pre approved credit cards is an approval for a credit card. This is just one way credit card companies find new customers. Everyone is not approved who receive pre approved credit card offers.
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Who has the Best Credit Card Offer?
This is a mind boggling question that a lot of people both experienced business owners and new small business owners are asking themselves as of late. With there being hundreds of business credit card offers out there today it can be hard to know how to compare business credit cards against each other.
If you are looking for a secured credit card for your business it can be even harder as they tend to have a lot of extra fees and charges. This is why it is important to not just read the small print of any business credit card offer but to actually make notes and think about how those terms will affect your business. You can not compare just the business credit card fees but the 
terms as well, if you are late with a payment on a chase business credit card will you be charged more than if you had a wamu business credit card.
Business or Personal Credit Cards
The three major credit card companies that are in most peoples wallets also have business credit cards available
• Chase
• Capital One
• American Express
As far as business credit card offers go there are three of the four that are the best to use when running a business or corporation no matter what the size of the business is whether small or large . Chase, Capital One, and American Express are the best known and well regarded credit card companies for both secured and unsecured business credit cards.
Why use chase credit cards rather than amex?
One reason is the simple fact that there is the cash back feature. So every time the company makes a purchase on anything with the card they will then receive a small percentage back. This cash back arrangement is much better for the company than air miles which normally benefit the user of the card rather than the company. It is especially useful if you are able to clear the balance every month so you are never paying interest.
Best Credit Card Offer
Capital One Credit Cards
Capital one are generally known as a company that deals with students and people with bad credit. If you are looking for a business credit card and have had some credit issues in the past then look for a capital one credit card offer. You will almost certainly have to look at their secured credit card offers for business. They offer superb deals and you have a good chance of being accepted but the interest rates and fees will generally be higher than you could get elsewhere.
American Express Business Credit Card
Amex are well known, one thing that is not so well known is that they are amongst the most expensive cards to have and that there are less places which will accept them. If you are a small business which uses your small business credit cards to buy items from suppliers then the amex business card may not be the best choice. If you use your cards to pay for meals and entertainment then Amex is perfect.
Chase Business Card
Chase are a well known and well connected business orientated bank and having their credit card in your waller is not a bad thing. They will not just accept anyone so if you have had some problems with bad credit and are not looking for a secured business credit card Chase are not likely to be the bank for you.
Business credit card acceptance
People often ask “how do I get a business credit card?” . The same way as you would get any other type of card, You need to get the business credit card application forms and fill them in. Before you go off applying for any type of card, secured or not, you should think about whether your business really needs a corporate credit card. Having a credit card tends to lead people into leaving money on there rather than paying it off every month. Your business visa bill will keep on increasing if you do not clear the balance every month just as your personal credit card would. Give some thought to whether your business can run without extra credit cards, if it can then you should seriously consider it.
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