There are credit cards that rebuild your credit back up after bankruptcy. They’re easy to apply for. Most of these have a wide range of deposit levels and a liberal, easy and fast application process. Let’s look at the 7 best cards that you can get.
Doing your homework and research is key to finding the best card for your circumstances. Below you will find seven card options for you to do further research. This will get you started on the way to repairing your credit.
Credit One Visa
Credit One has an annual fee of up to $99. This could be a good card to have for an emergency. You will initially have a $300 credit limit but are if you are looking for an unsecured card, this one is worth considering. Interest rates, however, will be more than 20%.
This is number one for those with bankruptcy and low FICO scores There’s no annual fee. There is a starter deposit required between $49 and $200. When you make the minimum deposit required, you’ll start with a $200 balance.
You can double that by depositing more funds prior to your account opening. Access your account online of day or night. It’s accepted everywhere Visa and MasterCard are. They report to bureaus so they build your score each time you pay on time.
Citi Secured MasterCard
With this card, there is a $200 minimum security deposit. You can enjoy a flexible billing date for convenience. Monitor your score online free and your account payments and information. You can also do so online or by phone. There are no annual fees and they report to bureaus. It has the standard APR of 23.99%
Key Benefits To Citi Card
The first benefit is important to most people, and that’s a flexible billing date. If you are living paycheck to paycheck as most people that have a low score, then you’ll appreciate this feature. They are one of the few card companies that will offer that.
Applied Bank Secured Visa
After declaring bankruptcy, a secured card is a good way to start rebuilding your credit. Applied Bank Secured Visa is a good one. Interest rates are lower than you might expect, currently, at 9.99%. Your credit limit will be whatever you fund the card with. They require $200-$1000 to start. There is a $48 annual fee.
Key Benefits To Applied Bank
Applied Bank will accept a low credit score. In fact, they will not even run a credit report. In addition, they do report to the three major credit bureaus so this is an excellent option for building your credit.
Discover It Secured Card
Discover It is probably one of the best secured cards you can get. There is no annual fee. A $200 deposit is needed which you must send with your application. If, for some reason, you are not approved, it will be returned to you.
Key Benefits To Discover It
There are two great benefits to Discover It. The first one, already mentioned, is $0 annual fee. Second, this is a rewards card which are rare among secured cards. They offer 2% cash back on the first $1000 that you spend for dining and gas. Not only that, but they will literally match your rewards the first year, doubling your reward amount.
No credit check at all for this card. For this reason, it’s one of the best cards for your needs. You can start at $200 for the deposit and up depending on what you want your line of spending to be. Start to rebuild your score. Start seeing a score earned within 6 months. View the cardholder agreement online before you commit. Join a Facebook forum for customers and talk to others about your rebuild endeavors.
Key Benefits To Open Sky
This company makes it easy for acceptance. Not only is there no FICO score minimum needed, anyone can come on board. FICO score is earned in under a year. It has ample support on social media and 24/7 customer service support by phone and online. Just watch to see what has a fee attached and use the more suitable option.
Green Dot Primor Gold Secured
This card is also one of the best for the after bankruptcy rebuild based on several factors rarely seen. First, it’s easy to get. There’s no minimum score required. It fixes the interest rate at 9.99% There’s no processing or application fees so no wasted money. There’s an easy application process. You can choose a deposit range of between $2,000 and $5,000.
Key Benefits To Green Dot
It’s one of the top cards for the post-bankruptcy rebuild. The interest rate is almost unheard of for a bankruptcy card at 9.99%. The spending limit is also rare for this type of card at up to $5,000. You can do a lot more with this card than most others and not pay an interest rate 3 times higher.
First Progress Credit Card Line
First Progress card company has two cards at different levels to choose from. The first one is First Progress, Platinum Prestige. No FICO score minimum or complicated application system.
Reports to all bureaus and is $200 to $2000 range of deposit. It’s easy and fast to get approved for and is a great card for after bankruptcy. This card can be used for rental cars and hotels, no issue. It’s good wherever MasterCard is accepted.
The second in the First Progress line is the Platinum Elite. No history or score needed. Deposit is also between $200 and $2000. Deposit is refundable if your card is paid in full.
There are other cards this company offers with similar benefits. You can check them out online at the website. But, these two are the best in post-bankruptcy offers.
Key Benefits To First Progress
The key benefits to these cards are they have a wide spending range to begin with. You can rebuild your credit and it’s seamless to apply. They can be used for most of the major purchases in your life. There’s no FICO check to get started so it’s a quick application.
The Secured Visa by Merrick Bank
This card is up there with the best in secured line programs. A fast application process and there’s no extra security deposit for spending line increases. Reports to all three bureaus. Flexible spending line up to $3,000. Best several funding choices for deposit and monthly payments. Accepted worldwide.
Key Benefits To Merrick Bank
The three key benefits of this company is its $3,000 limit. Your ability to increase your spending limit comes with a promise of it being unsecured so no money wasted. Finally, you can build your score organically with all 3 bureaus.
These options are not the only ones but they are the top picks for those with bankruptcy issues. A card that’s for low scores are not necessarily good for this issue. You’ll want to look for a card for the ability to build a score as fast as possible. Once there is a discharge of your case you’ll want a card that reports to all 3 bureaus. There’s always a delay after discharge in wiping your credit report clean. The best thing you can do is have a revolving line of credit that reports positive results in 6 months or less.
While there are a plethora of credit card offers available to individuals with any credit circumstance. Our extensive team of credit card pros take the time to research and dig deep in each credit card offers. Whether you have good credit, bad credit, no credit, looking for lower rates or saving money. We know offers are worth showing to you.