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After you’ve filed for bankruptcy, you may be wondering if you can have a credit card again. It’s difficult to make eCommerce purchases, run a business, or even buy gas without one. The answer to whether you can get a credit card is usually “yes,” but there are things you need to know before applying again.

Your Bankruptcy Must Be Discharged

During the bankruptcy process, you will not be able to successfully apply for a credit card. You need to wait for the process to complete. Different forms of bankruptcy proceedings take different amounts of time, so you may need to stay in touch with your bankruptcy lawyer to understand where you are in the process.

Credit Card Companies May Want You as a Customer – But for a Price

After your bankruptcy, you may be surprised by the number of credit card offers you get. You will get them because companies think you need credit, and you’re ineligible to file for bankruptcy for a period of several years after your previous one is discharged, so that lowers their risk.

However, these credit card offers will not be on favorable terms. Expect low credit limits and high interest rates. You may also be offered cards that are secured, meaning they require you to deposit money equivalent to the credit line you’ll have at your disposal. These offers need to be carefully considered as you consider ways to meet your needs for making payments and rebuilding your credit score.

Be Careful With Credit Use After Bankruptcy

It’s extremely important to be judicious with your use of credit cards as you emerge from a bankruptcy proceeding. While bankruptcy may be the end result of a number of factors, most of which may have been outside of your control, you need to be honest with yourself. If the use of credit cards was a factor in your bankruptcy, you will need to be especially careful. Use them sparingly. Pay them off in full each month. If you find that you can’t, take whatever measures are necessary to bring your spending and your budget back in line so that you can.

If you can do these things, moderate use of credit cards can be a factor in rehabilitating your credit scores. This can lead to better interest rates and higher credit lines.

Responsible use of a credit card after a bankruptcy is possible. But be careful when planning to use credit cards again. Talk to your debt collection lawyer in Tampa, FL about your options.

Thanks to the Law Office of Michael A. Ziegler, P.L. for their insight into bankruptcy law and applying for credit cards after bankruptcy.