I am trying to rebuild my credit.  I filed... - Limited/Bad/Fair Credit Questions


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Credit Card Applications » Questions » User Questions » Limited/Bad/Fair Credit » I am trying to rebuild my credit.  I filed bankruptcy in 2003. What is a good card...

I am trying to rebuild my credit.  I filed bankruptcy in 2003. What is a good card to rebuild my credit with? Thank you

Answered on

The best card after bankruptcy is a secured credit card because if you apply for a general credit card, you will likely be denied. Prepaid cards are another option, but they do not report your credit performance to the credit bureaus. Secured credit cards involve putting up a security deposit which acts as collateral. The deposit is usually equal to the credit limit you will be given. When you are ready to close the account, you will get your deposit back.  You should look for a card without processing fees and with a low annual fee. The APRs are usually high, but some reasonable rates are available. Also, make sure the card is reporting to major credit bureaus.

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