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Expertise

Getting New Credit Card ASAP After Filing for Bankruptcy

There are many clients for whom credit cards can be a big reason for eventually filing bankruptcy. Constantly using credit cards can push your finances over the edge forcing you to file for chapter 7 or chapter 13 bankruptcy. For some debtors, excessive use and out of control spending with the credit card can result in bankruptcy. For many, when paying the debt becomes too difficult, a credit card becomes the last option for cover the debts as well as keeping up with the monthly expenses and even daily bills.

In most of the cases, our Pittsburgh bankruptcy lawyer has seen that no matter what the reason was for bankruptcy in the first place, using a credit card didn’t help the debtor either. That is why when we tell the filers to sign up for a new credit card as soon as they file for bankruptcy, it always surprises them.

Starting Over Again

You might not like this fact, but your credit score is a big factor in your life or how you are living it. Hence, you cannot ignore it. Basically, your credit score is a fluid number. There are a few factors that will influence your credit score positively and there are some factors that will have a negative influence.

When you are filing for bankruptcy, it is going to be a big blow to your credit score. That is why most of the financial experts will agree that repairing that credit score immediately is the right option for you. And for that, getting a new credit card will be the best move on your part, just as our Pittsburgh bankruptcy lawyer suggests.

First Steps

When you file for bankruptcy, the only type of credit card that you can get is a secured credit card. When you are getting the secured credit card, you will have to pay a deposit amount and against that, you will be allowed to borrow the amount. For new cards, it can start from $500 collateral.

Even though this makes the secured credit cards like debit cards in some ways. But still, it is a good start.

Get the secured credit cards that will:

  • Report your history of payments to the three major credit reporting agency
  • Offer reasonable fees and rates that can be around $50 to $75 in a year

Once you get the credit card after filing bankruptcy, it is necessary that you start paying debts on time. If you miss paying, it can become a set back as equal to as many months of rebuilding the credit.

Finding the Best Option

There are many experts you can find on the internet who can tell you which the best credit card is for you when you file for bankruptcy. However, you need to be careful about opting for a credit card as these claims are mostly promotional. Once the track record is set with the secured credit card, you can start looking for the unsecured option. Always ensure that you are reading all the fine prints while getting the credit card. For more sound financial advice, consult us at Pittsburgh Bankruptcy Law Group. We are here to help you.

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