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Credit Card Applications » Questions » User Questions » Other » If My Spouse And I Both Have A Credit Score In The Mid-600s With Above Average Income And A Discharged ...

If My Spouse And I Both Have A Credit Score In The Mid-600s With Above Average Income And A Discharged Bankruptcy Just Over 12 Months Old, Should We Apply For The “Fair” Credit Card Or The Secure Credit Card? We’d like To Begin Rebuilding Our Credit Score and History.

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Credit cards have become a basic necessity in life for most people. Despite this being a fact, many are misusing cards and ending up with too much debt. Having handled a bankruptcy and come out of it, you will be well aware of how dangerous it is to not pay on time and accumulate large bills of credit and payments. This is however a normal scenario and there are numerous people who have a credit score in the mid 600’s. The important thing is to choose to do things carefully going forward.

The first step following a fresh bankruptcy discharge that is a year old is to focus on developing your credit scores. Essentially when a score of 700 or above is there, people can get nearly every kind of credit card in a basic category. For a score of mid 600, mostly the cards available may be of a higher rate of interest which can prove taxing to deal with. Add to this an annual fee and the situation does not look any better. With an above average income, you can work out how much you can spare on your monthly payments after your expenses for your credit card. If this amount is not stable, then it is wiser to opt for a secured credit card.

One of the main advantages of opting for a secured credit card is the fact that the payments on it will be what is affordable since you have secured the card already. You will be spending within your limits and today there are many secured credit cards which offer people a chance to make sure their score is being improved and reports are sent in regularly to the credit bureaus. Since the onus is one building your score, secured card would be the ideal choice as an unsecured one with a high interest rate can lead to problems in payment. Also following a bankruptcy discharge which is still in the beginning stages, you may want to play it safe and opt for a card that will do you more good than harm and also meet with your basic requirement of having a credit card for certain essential situations.

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