How Do 89% of Filers End Up Getting Credit Cards?

It’s true: the majority of those who file for bankruptcy not only receive credit card offers on a regular basis, but most actually qualify for and receive cards. While it doesn’t happen to everyone, credit card companies may actually seek out those individuals shortly after they file, because odds are that those people are both anxious to rebuild their credit and likely to have very few, if any debts.

If you’re thinking that obtaining a credit card at this point is a dangerous proposition, pat yourself on the back. While that card can be a tool to help you raise your credit score and purchase some of the things you need to get back on your feet, there are a few pitfalls that you need to avoid:

• Read the terms of any offers you receive very carefully. It’s very likely that the interest rate on the card you’re being offered is far from optimal. Low-interest accounts are reserved for individuals with very high credit scores and if you’ve just filed bankruptcy, you’re not one of those individuals. A high interest rate means you may pay much more than the purchase price of anything you buy with the card. Annual or monthly fees are also an important consideration, for the same reason.
• Don’t carry a balance. If you apply for and receive a card, you can do yourself a huge favor by using it only for purchases you have the cash to pay for at the end of each month. This will help you avoid finance charges. Remember that carrying around debts is how you ended up where you are in the first place.
• Use it regularly. As I said previously, the credit card can be a tool to help you rebuild your credit. By purchasing with it as outlined above, you will build a history of prompt payments and that, in turn, will raise your credit score.

Rebuilding your credit after a bankruptcy is a tricky process and should be part of any financial recovery plan. That’s why a reputable lawyer that will help you outline every step of the process is so important when you need to seek debt relief. A successful recovery takes much more than just the right paperwork to get your petition granted. Make sure the person you hire is capable and willing to partner with you throughout the entire process, to ensure a solid financial future.

If you need to retain a lawyer for the purpose of debt relief, contact accomplished LA MESA BANKRUPTCY LAWYER Jeff Larkin. To seek advice from ENCINITAS BANKRUPTCY ATTORNEY Jeffrey Larkin, call 877.25.NEW.HOPE for a free consultation today or visit his BANKRUPTCY LAWYERS IN CARLSBAD CA Google+ Local page.

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By Jeffrey Larkin