What secured credit card will help me after Chapter 7 bankruptcy?

July 28, 2010
By: Mike Killian

Question: What secured card will help me after Chapter 7 bankruptcy?

Answer: Any secured credit card from any source will assist after bankruptcy. In fact any secured debt will assist; a house, car, furniture all work well… just as long as the debt is secured by these assets.

The reason is this: Over 33 percent of your credit score is based upon on time payment history, and payment of secured debt is reportable to the credit bureau. Unsecured debt often is only reported for negative comments.

You can go to any major banking institution, and they will probably offer a secured credit card program. Determine from them how much savings will be required to secure your credit card and how often they report to the credit bureau. You might also find out what interest rate they will charge for the card and if there are any annual fees. Also ask if they will automatically convert your card to an unsecured card with good payment history and how long that will take.

Important Note! The information in this article is believed to be accurate as of the date it was written. Please keep in mind that credit card offers change frequently. Therefore, we can not guarantee the accuracy of the information in this article. Please verify all terms and conditions of any credit card prior to applying.