| Declaring bankruptcy doesn't mean that you'll never be | | | | as you prove yourself a worthy customer. If you don't |
| able to get credit again. In fact, you may find that credit | | | | make payments, the credit card company will use that |
| card companies are still sending you offers and | | | | deposit as payment on your account. |
| applications in the mail! But before you decide to sign | | | | YOU MAY HAVE TO PAY HIGHER FEES |
| up for another piece of plastic, there are some things | | | | Another way of protecting themselves against the |
| you should know. | | | | higher risk of a post-bankruptcy customer is by |
| YOU MAY HAVE TO PAY A HIGHER INTEREST | | | | charging a higher annual fee. In most cases, expect to |
| RATE | | | | pay about $30 or $40 a year for the privilege of |
| Super low interest rates and zero percent offers are | | | | having your credit card. Your over-the-limit fees, late |
| for the best customers with the best credit. Since | | | | fees and other charges are likely to be higher than |
| you've declared bankruptcy, you're a higher risk for the | | | | average, too. Your terms may also be more stringent, |
| credit card company. And because of that, chances | | | | and you may have a shorter grace period (or none at |
| are you'll have to pay a higher interest rate than the | | | | all!). Here is a list of recommended Credit Repair |
| average customer. In fact, it's possible your rate will be | | | | Lenders online. It's important to use a reputable lender |
| as much as 5% higher! However, if you remember to | | | | online to make sure your personal information is |
| pay off your balance each month, the higher rate | | | | secure. |
| shouldn't affect your finances. | | | | It is possible to get a credit card after bankruptcy. |
| YOU MAY HAVE TO SECURE THE CARD | | | | However, chances are you'll have more costs |
| A secured credit card requires you to pay a lump sum | | | | associated with it, such as higher fees and a higher |
| of cash--typically $250, $500 or more--to the credit | | | | interest rate. However, if you regularly make your |
| card company. This cash is then used as collateral, and | | | | payments on-time, and you pay off the balance every |
| is usually the maximum limit on your card. However, if | | | | month, your costs should be minimal. |
| you pay regularly over time, your limit may get raised | | | | |