Consumers who have declared bankruptcy can still obtain a credit card. Today, more and more credit card companies are offering those with bankruptcies and poor credit a way to get a credit card and begin to rebuild their credit. These offers are going to look attractive and inevitably credit will need to be reestablished. Be very careful when filling out those credit card applications, there are companies that prey on the recently bankrupt and charge outrageous fees and interest rates.
One of the drawbacks to filing a bankruptcy will be higher fees in getting a credit card. This is normal practice considering you were not able to pay your debt before, but the fees should not be excessive. The invitation will look pretty and the offer will be enticing but before you jump in with both feet, read the fine print. Read every single page. High rates are a concern, but the bigger concern is your ability to manage credit.
Often a secured credit card is the best way to go in getting a new credit card following a bankruptcy. The reason being is because the fees will be lower because there is less risk for the issuing card company with a secured deposit account.
Try to limit your applications to one or two firms. Applying for multiple credit cards makes you look like you are desperate for credit. Being desperate is not a good sign to lenders. Credit applications stay on your credit report for two years.
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