Credit Cards After Bankruptcy
There's a catch-22 in credit: It's easiest to get it when you already have it. Informed consumers who want to get back on their feet after bankruptcy can do so by applying for a secured credit card offer from a leading issuer, kicking off a process of rebuilding their credit score by having their monthly on-time payments reported to the credit bureaus.
Logically, the best time to lend money to someone may be immediately following a bankruptcy. With their debts forgiven or restructured, most people exit bankruptcy in their best financial shape in years. But not all lenders are keen to look at it this way, as many are reluctant to lend to people who have recently exited bankruptcy.
Credit cards offer the best way for people to get started rebuilding a solid credit profile after bankruptcy for two reasons:
Source: Fool.com
