How To Get Post Bankruptcy Credit Cards

The good thing about filing for post-bankruptcy credit cards is that it wipes your slate clean, giving you a fresh start at a healthy financial future and good credit history. However, the road to rebuilding credit after bankruptcy does take some time and effort on your part.

The first place to start on your road to credit recovery is by checking your credit report. It isn't uncommon for your report to still contain old account information and not reflect your newly resolved debt accounts. Before you take any steps towards obtaining new credit cards after bankruptcy, check your report for accuracy. If you find inaccurate information, file a formal request with your creditors to have your information updated with the credit reporting bureaus. Remember that not all creditors are quick to update your information, but you do have the right for accurate information to be reported. If you are having trouble obtaining information from your creditor, contact the credit bureau directly to request having your information updated.

Whether you are using an existing account or obtaining new lines of credit, you are in a unique position to change your purchase habits. At this point, you should view using lines of credit as a tool for rebuilding your credit and not for convenient purchasing. Plan out your purchases in advance and know how much you can afford to pay towards a monthly payment. Also, be sure to keep the total purchase balance around 40 percent or less of the total spending limit. Balances less than 40 percent of the available line of credit boost your credit score after bankruptcy much faster than balances over 40 percent.

While paying towards debts is a good thing, boosting your credit by way of making payments takes skill. More specifically, you want to establish a good pattern or purchasing and payments. It is good to keep a moderate balance on accounts, while occasionally paying off the card and leaving it open for a few months. If you were to close a card soon after paying it off, your ties to this line of credit are terminated, and your payment history can no longer contribute to your score. Leaving you are paid off accounts open for six or more months will demonstrate your ability to use credit responsibly.

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