here are many credit card a list of criteria. In After
issuers out there promoting Bankruptcy Credit Solutions I
what some people refer to cover eight criteria you can use.
as "bankruptcy credit cards" - When I apply the eight criteria,
that is, credit cards for people only a handful of bankruptcy
who have a bankruptcy on their credit cards are left - so it
credit report. narrows it down to the better
ones quickly.
Of course, these credit card
issuers target individuals with There's not enough space here to
poor credit in general, not just cover all eight of the criteria I
those with bankruptcies - but for use when selecting a bankruptcy
the purpose of this article, we credit card, so let's focus on a
will use the term "bankruptcy few of them as a starting point:
credit card".
1. Has Reasonable fees
Most of the bankruptcy credit
cards you see advertised are What's reasonable? Well, while
secured credit cards. If you are researching some bankruptcy
not familiar with a secured credit card issuers I came across
credit card, it's "secured" by a one that charged a $120
special savings account you application fee. Compare this to
establish with the issuing bank a number of others that charge no
which acts as collateral for the application fee at all! But
line of credit you receive with that's only part of the picture
the bankruptcy credit card. -you also want to make sure the
bankruptcy credit card issuer
So how do you go about choosing a offers an interest rate that is
"secured" bankruptcy credit card? competitive with other issuers.
The first step is to come up with This where comparison shopping,
and making sure you are aware of using only 10% of the available
every fee the card issuer credit line.
charges, is critical.
We've only touched on three of
2. Reports to the major credit the eight criteria I cover in
reporting agencies After Bankruptcy Credit
Solutions. But, at the very
This is very important - if you least, it should give you a
want to rebuild your credit starting point when it comes to
history, make sure the issuer of choosing a bankruptcy credit
the bankruptcy credit card card.
reports to the major credit
reporting agencies: Experian,
Equifax, and Trans Union. You Copyright "© 2006 Innovative
also want to make sure the Solutions Publishing, Inc. All
information is reported a certain rights reserved.
way - in After Bankruptcy Credit
Solutions, I go into detail on The company and product/service
this. names referenced in this article
are the trademarks, registered
3. Reports credit limits trademarks or service marks of
their respective owners. None of
Why is this important? If the the owners have sponsored or
bankruptcy credit card issuer endorsed this article.
does not report your credit
limit, this could lower your DISCLAIMER:
credit score with some credit
scoring models because they may This information is designed to
automatically assume you are at provide only a general overview
your limit - even if you are of the subject matter herein.
This information is provided with Neither the publisher nor author
the understanding that neither shall be liable for any loss or
the publisher nor author is damages, including but not
engaged in rendering legal, limited to special,
accounting or other professional consequential, incidental or
advice. If legal or other expert other damages, caused by the
assistance is required, the information contained herein.
services of a professional should
be sought.
About the Author:
R. Lawrence Anderson is author of After Bankruptcy Credit Solutions, which shows individuals how to qualify for credit and loans after bankruptcy - including how to select a bankruptcy credit card.
Source: www.isnare.com
