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:
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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.
Disclaimer: 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. Check our credit card database for updated terms and conditions.
This content is not provided or commissioned by American Express. Opinions expressed here are author’s alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through American Express Affiliate Program.
Disclaimer: This content is not provided or commissioned by Chase. Opinions expressed here are author’s alone, not those of Chase, and have not been reviewed, approved or otherwise endorsed by Chase. This site may be compensated through the Chase Affiliate Program.
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Disclaimer: Reasonable efforts are made to maintain accurate information. See the Discover online credit card application for full terms and conditions on offers and rewards.
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