Can I Get A Credit Card After Bankruptcy?

You will be utterly amazed at how quickly you get credit card offers after your bankruptcy has been discharged. These companies spend millions of dollars researching the best ways to get you back into debt so they can make money from it. Do not fall for it. Before you even consider getting a credit card after bankruptcy, you need to take a few steps.

Pull your credit reports and make sure that they accurately reflect your bankruptcy discharge. If they do not, file disputes and get them corrected. Having a clean credit report is necessary to rebuild your credit.
Create an accurate and complete budget, including a savings plan, and then execute on it. Given the advent of free budgeting apps and the fact that your attorney already prepared a budget for you in the bankruptcy case, this is nowhere near as burdensome as it used to be.
Create an emergency savings fund and continue putting money in it pursuant to your budget.

You do not want to obtain any new credit until the three items above are accomplished. Once they are, you can start using credit responsibly again. It is recommended starting with a secured credit card, where you put a deposit down against a limited line of credit. You can use the card, but need to follow two rules. First, never use more than 30% of your available line of credit. Second, pay the balance in full every month. These are the two actions that will allow you to rebuild your credit score most effectively.

Once you receive your bankruptcy discharge and the credit card offers start coming in, there is a logical response of “let me get a card just for emergencies”. It is a trap that will lead you back into debt.

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