Credit Cards After Bankruptcy in Tucson, Arizona
It is a bankruptcy myth that you aren’t able to get a credit card after filing for bankruptcy. Plus, Credit card companies are happy to give you credit after you have filed for bankruptcy protection as they do not have to worry about you filing for bankruptcy and not paying them back. However, Chapter 7 bankruptcy can only be filed every 8 years and the credit card companies no this fact. Plus, since you just declared bankruptcy and are trying to re-build your credit, the creditors know that you won’t be as apt to do anything (like no paying your credit card bill) to jeopardize your credit.
The other side of the equation would be people who have filed for bankruptcy in Tucson may be hesitant to get new credit cards because those same cards may have been the cause of their bankruptcy filing. However, following Tucson bankruptcy lawyers advice, the prudent use of a credit cards following a bankruptcy can actually help you to improve your credit score. Therefore, getting a secured or non-secured credit card and making the payments on time is a great way to rebuilding your credit score after filing bankruptcy.
Secured Credit Cards
Secured credit cards are an option for people who have recently filed for bankruptcy protection and aren’t able to secure a traditional credit card. Plus, if you aren’t able to get a traditional credit card, don’t worry, there are additional credit card options for people in Tucson that have recently filed for bankruptcy. Therefore, a secured credit card is obtaining a credit card that is backed by cash deposits, or advanced paid fees.
Credit cards after filing for bankruptcy can be of great assistance as after making regular payments on that credit card for a period of time, you may be able to change it to an unsecured or regular credit card. Plus, getting a credit card is a great step to rebuilding your credit after filing bankruptcy.
After obtaining a bankruptcy discharge, you will not be eligible for another Chapter 7 bankruptcy for eight years. So, for some creditors, this actually makes you a better risk, since bankruptcy is no longer an option. Lastly, consider getting other new credit options when working towards new credit after declaring bankruptcy in Tucson, Arizona.