{"id":2384,"date":"2019-09-03T10:37:45","date_gmt":"2019-09-03T10:37:45","guid":{"rendered":"https:\/\/recoverylawgroup.com\/?p=2384"},"modified":"2025-08-11T10:06:02","modified_gmt":"2025-08-11T10:06:02","slug":"is-it-possible-to-get-a-credit-card-after-declaring-bankruptcy","status":"publish","type":"post","link":"https:\/\/recoverylawgroup.com\/staging_D\/is-it-possible-to-get-a-credit-card-after-declaring-bankruptcy\/","title":{"rendered":"Is It Possible to Get a Credit Card After Declaring Bankruptcy?"},"content":{"rendered":"

Call: 888-297-6203<\/a><\/strong><\/p>\n

Bankruptcy can tank your credit score. This fact is probably one of the most common reasons why people fear filing for bankruptcy. However, it will be surprising to know that rebuilding your credit score requires credit cards! According to Los Angeles based bankruptcy law firm Recovery Law Group<\/a> , people fresh out of bankruptcy will find it a bit difficult to get the kind of credit cards they want. This is because bankruptcy alerts lenders of the inability of the individual to repay. Any credit card you get post-bankruptcy will charge you a higher rate of interest than normally applicable.<\/p>\n

Consumer bankruptcies which appear on credit report generally belong to Chapter 7 or Chapter 13. While the former is discharged within 3-6 months, the latter involves repaying some part of your loan through a court-approved repayment plan and generally takes 3-5 years. Bankruptcy becomes public record and stays for 7-10 years on your credit report depending on the chapter of bankruptcy you have filed under. In case you need to apply for a credit card before your bankruptcy is discharged, it becomes a bit difficult. It is important to have legal representation so that you are aware of any restrictions in this matter. If you need consultations with experienced bankruptcy lawyers<\/a>, call 888-297-6023.<\/p>\n

The best way to improve your credit rating after bankruptcy is by re-establishing credit. This is done by using credit cards. Though it might seem that you will end up making the same mistakes again, it is not so. Instead of using credit cards with a high-interest rate, you should opt for secured credit cards through a local bank. With a fixed sum of money in your account as a guarantee, you will be able to get credit up to a fixed limit. Keeping your purchases limited to essential items and making payments on time can result in slowly but steadily improving your credit ratings. With time, the secured credit card might get converted into an unsecured one. Sometimes, lenders might not report the secured credit card accounts to credit reporting agencies. This might affect your credit-building efforts negatively, hence inquire about this in advance and plan your strategy accordingly. Rebuilding credit requires time and patience. You need to continuously make efforts to improve the situation in order to lead a normal life.<\/p>\n\n

\n

<\/p>

    <\/ul><\/div>\n
    \n
    \n<\/fieldset>\n
    \n
    \n<\/span>\n<\/div>\n
    \n<\/span>\n<\/div>\n
    \n<\/span>\n<\/div>\n
    \n<\/span>\n<\/div>\n<\/span>\n