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.
- I'm a 22-year-old female who makes about $1,000 a month. I have a credit union credit card with credit line of $500. I recently applied for a Lowe's credit card and was denied. I'm always on time with my credit card payments. What would be the reason?
- Does a credit union secured credit card make as positive an impact on credit scores as one held by a major commercial bank?
- I am an 18-year-old with no credit history. I have read Curtis Arnold's book and am successfully paying my community college tuition on my own. Which card is best suited for me when I only plan on using my future card for gas purchases?