Q: I filed Chapter 7 bankruptcy a few months ago. I'd like to rebuild my credit. Which credit card would you suggest and why?
Recent federal rule changes did away with the worst practices in the industry, but it's still hard to find real value among credit card offers after you've survived bankruptcy. That's why we highlight a viable option from our CardRatings.com credit card database:
Public Savings Bank Open Sky Secured Visa Credit Card. Right now, it might feel frustrating to lock a few hundred dollars into a savings account that you'll use as collateral against a low-limit Visa card. But it's truly for your own good. PSB enjoys one of the best reputations among secured card lenders, reporting your positive trade line to all three credit bureaus, so you can work on improving your credit score right away.
Since you filed Chapter 7, you won't be able to discharge any more debts for at least 7 years. Therefore, make sure you don't take on more credit than you can reasonably pay back, unless you're ready to risk some significant fines and finance charges.
- Does an unsecured card build credit faster than a secured card? Does FICO rate them differently?
- Can I have a family member co-sign a credit card, so I can get an unsecured credit card?
- Is there a secured credit card that will convert to an unsecured card?
- I'm seeing "Visa Signature" a lot. What does it mean?
- What are the best Visa credit cards with cash back rewards?
- Do any credit cards still double the warranty on items bought on their cards?
- Can I apply for a credit card if I only make minimum wage?
- I'm going through a divorce. My husband and I have a good credit score of 730. My income is very low, so how can I qualify for credit cards on my own?
- I am new to the U.S. (from Canada where I have excellent credit) and trying to build my credit. I got rejected applying for a normal card and I’m looking to get a card that I am sure I will get accepted. What do you recommend?
- What credit card will insure my purchased items?