Can I Get a Credit Card If I Have
Bad Credit?
If you’ve had financial troubles or have even filed for bankruptcy in the past,
you’re probably wondering, "Can I get a credit card if I have bad credit?"
The answer is yes, you can. The credit card you receive
won’t be the type you’re probably used to, but there is an option available that
will get you back on the road to financial health: the secure card.
A secure card may be the only alternative for those who are wondering, “Can
I get a credit card after filing bankruptcy?” It’s known as secure
because you deposit a certain amount of money into the account, and that amount
becomes your credit limit. So you actually spend your own money when you use the
card. But because secure card providers report to credit bureaus just like regular
credit card companies, making timely payments on your secure card can put you well
on the road to rebuilding credit after bankruptcy or a low credit
score.
How Secure Cards Help with Rebuilding Credit after Bankruptcy
Not only can you get credit cards after bankruptcy —
at least the secure card —you should get a credit card after bankruptcy.
If you’ve had financial trouble, it’s up to you to prove that you can properly fulfill
debts in accordance with the terms of the agreement and that you are serious about
rebuilding credit after bankruptcy or other financial problems. The proof will come
in the form of obtaining secure credit cards after bankruptcy and demonstrating
that you can make payments like clockwork. Making early payments and/or overpayments
will help, too, and eventually result in a higher credit score.
You might even want to have someone you trust help keep you on track with making
payments to your secure credit cards after bankruptcy. Having the support of
a trusted partner can inspire you to make timely payments and avoid financial pitfalls
while rebuilding credit. After bankruptcy, creditors may be wary of you. But if
you’re proactive and diligent — and especially if you have someone to help keep
you on track — you can come out of the post-bankruptcy period with better credit
and personal financial habits than ever before!
A Longer Term Strategy for Getting Credit Cards after Bankruptcy
Another strategy for getting credit cards after bankruptcy takes a little longer
but also works. If you already have a relationship with a bank, get a small loan
from them by using a co-signer. Making timely payments on this account will enhance
your efforts with the secure card and do even more to build your credit.
If you follow these strategies, when the bankruptcy expires you’ll no longer have
to ask, “Can I get a credit card if I have bad credit?” because bad credit will
no longer be an issue!