Is There Any Possibility to Get Credit Cards After Bankruptcy and Foreclosure?
There is an economic emergency in the country with millions upon millions of Americans struggling with long term joblessness, home foreclosures and personal bankruptcies.
Do they still have chance to apply for credit cards? What can be done with their bad credit? Don't be pessimistic.
Even you are a bankruptcy; you still can be a card holder.
First thing first, you are recommended to approach your banks or credit unions which you are familiar with.
Make a request from them to provide you a card with reasonable interest rate.
Do not compare the rate with normal card.
It will never be the same.
In normal rate is 30% per annum and some lenders may charge higher.
What you can do is to appeal for the lowest rate if possible.
Then, start to build your credit slowly.
If you think that it is not worthwhile to accept high interest rate, you may consider looking for a co-signer.
Get any of your family members, relatives, friends, or someone whom you trust to be your co-signer.
Make sure the person has good credit score.
By doing so, your chance of getting a card is higher and you will be able to enjoy a lower annual percentage rate.
Besides, you can look for "special' credit card companies in the market.
How special are they? These companies aim their targets at those people who are recent bankruptcies.
They offer cards for people with bad credit.
It will be easier to get the specific card if you look for the right providers.
They are more than willing to assist you as it is their core business.
Another alternative you may consider is taking up a secured card.
Before obtaining this card, make sure you have some fund in your account.
You need to save a sum of money and deposit it to your credit card account.
When you have deposit in the account, the lenders have no objection to reject your application because the deposit is used to secure your credit line.
Once you have got the card, start making your payment regularly and promptly.
Within 2 years time, you will be able to switch to unsecured one.
To sum up, although the process of getting approval for credit card is challenging, there are opportunities waiting for you.
Don't give up.
Never say NO to yourself.
Put in hard effort to look for the RIGHT lenders to meet your special needs.
Do they still have chance to apply for credit cards? What can be done with their bad credit? Don't be pessimistic.
Even you are a bankruptcy; you still can be a card holder.
First thing first, you are recommended to approach your banks or credit unions which you are familiar with.
Make a request from them to provide you a card with reasonable interest rate.
Do not compare the rate with normal card.
It will never be the same.
In normal rate is 30% per annum and some lenders may charge higher.
What you can do is to appeal for the lowest rate if possible.
Then, start to build your credit slowly.
If you think that it is not worthwhile to accept high interest rate, you may consider looking for a co-signer.
Get any of your family members, relatives, friends, or someone whom you trust to be your co-signer.
Make sure the person has good credit score.
By doing so, your chance of getting a card is higher and you will be able to enjoy a lower annual percentage rate.
Besides, you can look for "special' credit card companies in the market.
How special are they? These companies aim their targets at those people who are recent bankruptcies.
They offer cards for people with bad credit.
It will be easier to get the specific card if you look for the right providers.
They are more than willing to assist you as it is their core business.
Another alternative you may consider is taking up a secured card.
Before obtaining this card, make sure you have some fund in your account.
You need to save a sum of money and deposit it to your credit card account.
When you have deposit in the account, the lenders have no objection to reject your application because the deposit is used to secure your credit line.
Once you have got the card, start making your payment regularly and promptly.
Within 2 years time, you will be able to switch to unsecured one.
To sum up, although the process of getting approval for credit card is challenging, there are opportunities waiting for you.
Don't give up.
Never say NO to yourself.
Put in hard effort to look for the RIGHT lenders to meet your special needs.
Source...