After filing for bankruptcy, you may be eligible to get a credit line. The first card you get will probably not have many features, and you may need to put down a security deposit to get started. But eventually, most good credit card companies will let you upgrade. You can even graduate to a credit card with no security deposit. Here are some tips on how to get a new card after bankruptcy.
Milestone Mastercard
Milestone Mastercard credit may be an option for you if your credit history is poor and you have recently filed for bankruptcy. The company matches borrowers who have filed for bankruptcy to the best card. There is no security fee and the credit limit can be $300. Due to the high annual fee, the credit limit of $300 seems very low. Milestone Mastercard applicants can pre-qualify prior to applying. This won't adversely affect their credit score. However, they don't guarantee approval.
Milestone Mastercard has not been without its faults. Additionally, the cash advance APR of 29.9% can result in serious interest fees if it isn't paid on time. The card's responsible use will help you rebuild credit. But you need to be mindful of the terms and conditions. Milestone Mastercard, like all credit cards, has strict terms and conditions. Late payments can cause your score to drop.
First Access Visa
First Access Visa r Credit Card (if you have poor credit) might be a good option for you. This unsecured credit card does not require you to make a security deposit. It also has a $300 credit line. Its only downside is the high fees associated with the card. There are $170 upfront fees and annual and transaction fees.
The card has a 21 day payment deadline. This is slightly shorter than average credit cards. Other cards allow payments to be late for 24-25 days. There may be a $3 fee for copying documents due to billing errors. This card doesn't offer a rewards program or introductory APR, but it waives the cash advance fee and monthly service fee (up to $8.25) and 3 percent for cash advances.
Bank of America Customized Cash Rewards Secured Credit Card
The Bank of America Customized cash Rewards Secured card gives you three percent cash back in any category. Other purchases earn one percent cash back, while dining and grocery store purchases earn two percent. You can switch the category once a month. In addition, you can enjoy a 0 percent intro APR for 15 billing cycles on balance transfers. However, this feature is only valid if you spend at least $2,500 on your card during a single quarter.
The Bank of America Customized, Cash Rewards Secured Card was designed specifically for people with low credit scores. This card will help you rebuild credit. It has no annual fee and provides free credit score monitoring. It can be hard to build a credit score after bankruptcy. However, this card has many benefits that will help you start your recovery. The best thing about this credit card for bankrupts? It offers great rewards. You can get cash back on selected purchases and rewards for purchases made at wholesale clubs or grocery stores.