Maintaining Perspective
One of the most essential things to keep in mind is that bankruptcy is not permanent. It is an opportunity for a person who has made poor financial decisions to start over and make improved choices. You must adopt a positive attitude and assume responsibility for rebuilding your credit score. Typically, bankruptcies remain on a credit report for seven years before being removed. Within a year of filing, many individuals are able to maintain credit.
How to Acquire Credit
Secured credit cards are one of the best methods to obtain credit cards after filing for bankruptcy. Almost every bank offers secured credit cards that allow you to establish your credit history. Many of these cards require a security deposit of $500. In exchange, the bank will issue you a $500 limit credit card. You should use these secured credit cards to make purchases and pay your monthly premiums on time. Your credit will improve over time, and your credit score will recover. Within a year of filing for bankruptcy, many individuals have increased their credit lines.
Keep an eye on credit card rates.
After declaring bankruptcy, high-interest credit cards are one of the most perilous pitfalls to avoid. Some of these businesses take advantage of a person's distress by offering lines of credit with interest rates exceeding 30%. These cards can place you in a dire financial situation once again. Be patient and seek out the most advantageous cards for your hand.""
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