We have created the list of the easiest good credit cards to get approved for after bankruptcy, to help people with financial troubles to build up their credit. Bankruptcy will destroy your FICA score, but in most cases, you will have at least a few more credit options left.
Banks and credit companies issue secure credit cards that offer credit recovery features to users with bad and poor credit. In some cases, you can also opt for a regular credit card. For getting this type of card, you will need to pass a strict screening. The bank will take into consideration your salary and the amount of debt you have.
Most companies won’t provide clear criteria for getting these cards, and applicants usually find out the result of their application, after the screening process ends. In addition to this, each credit company has its criteria for issuing cards to people with bad and poor credit.
Still, there are many different cards that are available to consumers, and we have taken into account several criteria to determine their availability for people, who went through Chapter 13 or Chapter 7 bankruptcy. When it comes to secured credit card deals, most companies require you to put several hundred dollars on your account. This fund is then used as a deposit in case something goes wrong. The deposit amount usually determines your credit line, and you get the same amount of money as the one you paid. These strict rules make secure credit cards sound more like prepaid debit cards, but unfortunately, people who filed for bankruptcy don’t have too many options to choose from when it comes to credit.
Apart from secured credit cards, people with credit issues can also apply for prepaid debit cards. Banks offer plenty of different debit plans for people with bad or no credit. Many of these cards are adapted to satisfy the needs of high school and college students. If you need more information about debit card options, check out the Insider Monkey’s list of the Easiest Prepaid Debit Cards to Get for Teens.
As the main source for making our list, we have visited Card Rates one of the most popular credit card review websites in the world. There, we have found five regular and five secured credit card options, available to users who have filed for bankruptcy. We listed all the cards and then we have visited their product pages to find out required deposit amounts, annual fees, and other specifics. After that, we have chosen six cards (secured and regular ones) and ranked them on our list.
Since there are no unique criteria among the banks and credit companies, people with poor credit can easily get refused when applying for any of the cards we have mentioned in our list of the easiest good credit cards to get approved for after bankruptcy.