Hi, what if I am discharged from bankruptcy, what credit card will help me rebuild my credit back without any annual fees?
As you are discharged from bankruptcy it is worth checking your credit history and credit score. Read carefully your credit report and if there are some inaccuracies try to clean them up.
Don’t apply for a credit card right away as you are discharged, wait 1-2 years. If you are not patient enough you most possibly will be denied.
Now, if you've waited enough and did all cleaning ups you can shop for a credit card. You may apply for a secured credit card or general, unsecured, credit card. Secured credit cards require collateral in form of a security deposit. Except this security deposit, secured credit card acts as an unsecured one.
Unsecured credit cards do not require any security deposit so you don’t need to pay to get this card (except some possible fees like setup fee).
As you are lived through a bankruptcy and waited long enough, consider the credit cards for limited/no credit. Pay a closer attention to the credit reporting. Your goal is to rebuild your credit so this should be mentioned in credit card description. If to find a card that helps you rebuild your credit is quite easy, to find a card with no annual fee is the other thing. In your case it will be hard to find a card with no annual fee, instead try to concentrate on minimum payments. Commonly the credit cards for people with ruined credit history have high interest rates and fees, and the limits don’t please too. However, they may have some rewards or bonus programs so do some calculations before you apply.
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William Colon, money expert. Free credit card advice online.
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