Hello. I have good credit now, according to my credit... - Other Questions


Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » Questions » User Questions » Other » Hello. I have good credit now, according to my credit report (Equifax – 737). However, I filed for...

Hello. I have good credit now, according to my credit report (Equifax – 737). However, I filed for and received bankruptcy in Aug 2008. I am self-employed and have a modest income. What is the best card choice for me?

Answered on | Updated on August 19th, 2010
The content is accurate at the time of publication and is subject to change.

Problems with credit history and struggles to balance the payments are something every American is struggling with. The good news is that there are ways out and the bad news is it takes time. If you have had bad times in the past and had to file a bankruptcy, it is still not the end of the road. If you persist then there are definite ways around the system and you can get credit based on what your credit scores have been since then. Firstly it is commendable that you have an average credit score following your bankruptcy. One thing that is tantamount is the fact that the bankruptcy will stay on your credit report for ten years. That means another 8 years before it is scratched off your record.

However, this is not a completely hopeless situation. You can opt for a card which is at a low limit. Since you have dealt with debt and the repercussions of it in the past, you will know about being a responsible spender and choosing the right cards. Make sure you start off with a low credit limit and low rate of interest to begin with. There is a myth that getting a credit card after a bankruptcy is next to impossible. This is untrue and whether you have filed for a chapter 13 or chapter 7 bankruptcy, you can start fresh with a new credit card. What matters now and going forward is the credit score you have which in your case is pretty decent.

The best card to apply for is one where you can get approved with minimum hassle and where you have least chances of being rejected as it should not look like you are shopping around for credit. Lenders who deal with people who have been in bad credit situations and also those who are looking for a card post their bankruptcy can help you in this regard. You should also bear in mind that your credit score is not bad so with a little research you will be able to find a card that works for you. Of course, the ideal option would be to go for a secured card first and then try for other options.

The credit cards after a bankruptcy may not be from the big names but smaller financial institutions. However they will serve the purpose. The longer you wait till you apply for the card after the bankruptcy the better it is for you. Some names you can try are Centennial secured credit card, Public savings secured Visa credit card among others.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
The Citi Rewards+℠ Card - the only credit card that automatically rounds up to the nearest 10 points on every purchase - with no cap.
Excellent, Good Credit
Earn unlimited 1.5% cash rewards on all purchases.
Good, Excellent Credit
See Rates & Fees
Perfect credit not required for approval; we may approve you when others won’t
Fair/Bad Credit

Other Questions in

You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!