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A lot of bankruptcy claims in recent times have been coming from seniors who are 55 and above. According to recent reports, a lot of seniors who have made bankruptcy filings have lost their savings, lost money in the stock market, gone through foreclosure, and sadly owe more money than the younger bankruptcy filers. A lot of people believe these bankruptcy claims will subside as most credit card companies have released reports showing a decline in the rate of delinquencies and debt defaults. Here are some of the ways you can spring back after bankruptcy to build a credit history. Bankruptcy remains in your credit history for as long as 10 years, so it will be a slow and difficult process to get your credit history back to recognition.
There are many lenders who are willing to offer credit cards to those who have gone bankrupt. These credit cards have high interest rates, but they definitely help build credit history once more, as you still continue to have expenses every month. The bad credit credit cards and no credit credit cards are useful in that, they are pre-approved and are available with small credit limits. However, you need to be careful about the fees on these cards ensuring that you don't dig yourself further into the hold.
The bank where you have a checking account for a long time or the credit union could provide you with a credit card that has far less interest rate than the bad-credit credit card offers that you will be bombarded with. Requesting for the lowest possible rate for a reasonable credit card can help to certain extent.
A secured credit card represents less risk for the lender. This is because, if the card holder fails to make the payment on time, the card issuer can claim it from the security deposit made initially to obtain the card. From the point of view of the credit card customer, who is recovering from bankruptcy, the secured credit card is helpful because one can obtain it quickly. Also the interest rates on these cards are less than the interests charged by unsecured credit cards, due to the risk factor. A down payment as collateral should be able to get a credit card with the same credit limit, and you can start building your credit history by making regular payments.