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Added July 25, 2011 from: Joe Taylor Jr.
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Answered By Joe Taylor Jr.: The first few months after your BK discharge, you'll probably get slammed with junk mail from companies that offer revolving accounts on arcane merchandise from questionable catalogs. You may even get a few "pre-selected" offers from subprime credit card companies that want to charge you high annual fees and astronomical interest. Fortunately, I can point you toward a few lenders who specialize in helping consumers like you rebuild credit without ripping you off.

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.

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