Are you trying to build your credit back up after a bankruptcy? It might feel like an impossible task, but we're here to tell you that it's not! In this article, we take a deep dive into the easiest credit cards to get approved for after bankruptcy. We'll break down the process and help you regain the creditworthiness you need to move forward in life. So, let's start rebuilding your financial future together!
Easiest Credit Cards To Get Approved For After Bankruptcy Table of Contents
Understanding secured and unsecured credit cards
Before we dive into the specific credit cards that are easiest to get approved for after bankruptcy, it's important to understand the two main types of credit cards: secured and unsecured.
Secured credit cards
- Requires a security deposit which determines your credit limit
- Uses the deposit as collateral in case you default on your payments
- Usually has a lower credit limit and higher interest rates than unsecured cards
- Easier to obtain for people with limited or poor credit history
Unsecured credit cards
- Does not require a security deposit
- Relies on your credit score and history to determine your credit limit
- Typically has higher credit limits and lower interest rates than secured cards
- More difficult to obtain for those with limited or poor credit history
Five easy-to-get credit cards after bankruptcy
Now that you know the difference between secured and unsecured credit cards, let's explore five options that are easier to get approved for after bankruptcy.
1. Capital One Secured Mastercard
A popular option for those with a recent bankruptcy, the Capital One Secured Mastercard requires a security deposit of $49, $99, or $200, depending on your credit. This card offers a credit limit of at least $200 and reports to the three major credit bureaus, which can help you rebuild your credit.
2. Discover it Secured Credit Card
This secured credit card option has a $0 annual fee and offers rewards on purchases. With a security deposit of at least $200, you'll receive a credit limit equal to your deposit. The Discover it Secured Credit Card helps you build your credit by reporting to the three major credit bureaus.
3. OpenSky Secured Visa Credit Card
The OpenSky Secured Visa Credit Card does not require a credit check for approval, making it an attractive choice for those with a recent bankruptcy. A security deposit of at least $200 is required to open an account, and your credit limit will be equal to your deposit amount. OpenSky reports to the three major credit bureaus to help you rebuild your credit.
4. First Progress Platinum Elite Mastercard Secured Credit Card
This secured credit card option requires a security deposit of at least $200 and offers a competitive annual percentage rate. First Progress reports to the three major credit bureaus, helping you improve your credit score over time.
5. Credit One Bank Platinum Visa for Rebuilding Credit
The only unsecured credit card on our list, the Credit One Bank Platinum Visa is specifically designed for rebuilding credit. While this card generally has higher interest rates and fees than secured cards, it does offer rewards on purchases and reports to the three major credit bureaus.
Easiest Credit Cards To Get Approved For After Bankruptcy Example:
Imagine you filed for bankruptcy a year ago and are now looking to rebuild your credit. After researching your options, you decide to apply for the Discover it Secured Credit Card. You submit a $300 security deposit, giving you a $300 credit limit. Over the next year, you use your new card responsibly and pay your balance in full each month. As a result, the card issuer reports positive information to the three major credit bureaus, and your credit score begins to improve. After a year, you may even qualify for an unsecured credit card with better terms and rewards.
There you have it – the easiest credit cards to get approved for after bankruptcy! Remember, building your credit back up after a significant financial setback takes time, patience, and a commitment to responsible credit usage. No matter which card you choose, practice good financial habits to boost your credit score and open doors to new opportunities. Don't forget to share this article with friends and family who may be facing a similar situation, and explore our other guides on Flik Eco to continue your journey toward financial success.
