BankruptNews.com > Bankruptcy Recovery > Credit Improvement

Get A Unsecured Credit Card Today!
CLICK ON ANY CARD BELOW TO APPLY

The Best Credit Cards for Bad Credit!

The Best Discover Credit Cards With The Lowest Interest Rates!

The Best Chase Credit Cards With The Lowest Interest Rate

The Best American Express Cards (AMEX) On The Planet

Get An Unsecured Credit Card To Rebuild Or Build Your Credit Faster!
You need two types of credit to quickly rebuild your credit score:

Installment: Auto loans, student loans or mortgages!
Revolving: Credit cards or home equity lines of credit!

Most recent bankruptcy claimants have a higher FICO score than they did prior to bankruptcy. They usually have no trouble qualifying for a regular, unsecured credit card. (like Chase bank, Discover, Amex to name a few) So the best solution usually is to apply for a credit card (unsecured credit card prefered), which generally gives you a credit limit that's a great start from an issuing bank.

Typically, that's $300 to $1000 which may seem like a pittance compared to the credit limits you enjoyed before your bankruptcy. But don't make the mistake of using your available credit. Maxing out your credit cards hurts your credit score.

You don't want to charge more than 30% or so of your credit limit, and you want to pay the balance off in full each month. Light, regular use of a credit card is what helps build your credit.

And contrary to what you might have heard, you typically don't need to carry a balance or pay credit card interest to build your score, since the leading credit scoring formula doesn't distinguish between balances that are paid off and balances that are carried month to month. Get in the habit now of not charging more than you can pay off every month; your credit score and your finances will be the better for it.

You also shouldn't just grab any unsecured card. Look for the following:

No application fee and reasonable annual fee. Some secured cards tack huge upfront and annual charges onto their accounts; you don't need to pay these to build your credit.
Reports to the major credit bureaus. You're not doing your credit score any good unless your payment history is being reported to the three major bureaus: Equifax, Experian and TransUnion. Call and ask if the card issuer regularly reports to all three before you apply.
Converts to an higher unsecured card after 12-18 months of on-time payments. Good behavior should get you upgrade to the previous credit limit you enjoyed a year or two prior to bankruptcy.

Apply for a credit card easy, there are many different types of credit card these days, including but not limited to business credit cards, 0% or low APR credit cards, travel reward credit cards, air line mile credit cards, and student credit cards to name a few.