Is there a credit card available for folks who recently declared bankruptcy?
May 18, 2009 in
Credit
MissKathleen
I would like to get a credit card with about $300. available credit to purchase my ink cartridge and computer supplies online. Please no lectures about credit card addiction. I became disabled and had to declare Chapter 7 recently. Thanks for your input.
I would like to get a credit card with about $300. available credit to purchase my ink cartridge and computer supplies online. Please no lectures about credit card addiction. I became disabled and had to declare Chapter 7 recently. Thanks for your input.
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5 comments
seaportma on May 20, 2009 at 10:43 pm
I am sorry that you had to declare bankruptcy. You probably cannot get a credit card while you are petitioning for bankruptcy. Those creditors will be afraid that they might be added to the list of creditors. But it is funny: once your bankruptcy is discharged (finalized), you will get al lot of offers for credit cards — because they know you cannot declare bankruptcy again for a long time. Beware, the credit card companies offering you credit will have very high interest rates. So I suggest that you do not carry a balance and pay the each statement completely. To rebuild you credit, you might try applying for a secured credit card, if you just need the card for convenience purposes.
Brad D on May 22, 2009 at 3:33 am
Orchard Bank. Usually on-line
robertdr60 on May 23, 2009 at 6:57 am
There are companies that will issue a “secured” credit card. That means you deposit (in your example) $300 into a savings account, and that savings account becomes the collateral for the $300 credit limit on your card.
Othniel on May 23, 2009 at 10:17 am
Have your taxes done at H & R Block for 2007. They can put your total tax refund on an Emerald Card. The card acts like a debit card and can be reloaded.
You can also open a savings account and a line of credit using the same card. You can use it to make purchases in any place that accepts Master Card. You can get cash from ATMs and if you have direct deposit into that account you will also begin to build up your credit rating.
Other than this option you would need to get a secured credit card. The advantage of the above is you receive a lot of financial benefits in one package.
YD on May 25, 2009 at 3:25 am
Bankrupcy is not the end of the world their are plenty of credit card companies that are willing to provide credit to people such as your self that are trying to rebuild their credit…most of those companies only offer secure credit cards, try asking someone you trust to apply for you and add you as an authorized user, the card will be on your credit report and you can use it to help establish a payment pattern that credit companies will be able to look at when you apply for your one card in the future. Or try HSBC bank, Juniper Bank, or Best Buy Rewards Mastercard…my sister declared bankrupcy and had 2 credit cards in her name in three months so it’s possible!! Good luck!