Best Secured Credit Cards After Bankruptcy

May 28, 2024 By: Stephanie H. - CreditMonarch Online Writer0 comments

Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.

It’s a major decision to declare bankruptcy, especially when it’s predicted to have major negative effects on your credit. Rebuilding your credit scores is possible with a little dedication. The most effective way to recover from bankruptcy is through the responsible use of credit. It is necessary for you to demonstrate your ability to be a responsible borrower. To achieve that, it is crucial to establish a solid history of on-time payments.

While credit cards can be beneficial in repairing your credit, getting one after bankruptcy can be a challenge. You’ll likely need to opt for a secured credit card, which necessitates a security deposit to become eligible. Many cards designed for bad credit have additional fees beyond the deposit, such as setup/account opening fees and monthly fees. Simple actions like increasing credit limits or receiving paper statements could result in fees being charged. Obtaining a new credit card is not advisable if it is not used responsibly. If the problems that led to your bankruptcy are unresolved like spending above your means, or a lack of a stable job or emergency funds opening a new line of credit may just get you into more trouble.

CreditMonarch, gathered for you a few, well known credit cards that can help you rebuild or establish your credit score. These credit cards, known as secured credit cards are the best way to improve a bad credit score after bankruptcy or a non existing one. The general idea of a secured credit card is to allow a person to use a credit card that reports to the major credit bureaus, without putting the lender at risk. There are quite a few secured credit cards out there, all offering the same basic service, but with slight changes to accommodate different financial situation. Most secured credit cards require that a deposit will be made by the consumer. The deposit you make will determine the credit limit, which in most cases is equivalent to the deposit amount. Once your credit card is activated, you can start making purchases and if you are using your secured credit card responsibly your credit score is sure to soar.

Our goal is to help you find the best credit cards for your needs. So, we want to share a list of the best and most popular secured credit cards after bankruptcy,check them out below.

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