Get a Guaranteed prestige Card After Bankruptcy

Bankruptcy is a life altering event. The sheer magnitude of being unable to pay for one's bills and having to face the humbling event of admitting it in a court of law can assault you and make you think that you are doomed to bad finances and no prestige for the rest of your life. You might be wondering if you will ever even get a prestige card again. But that does not have to be the case. If you pay attentiveness you will find that you will be able to get prestige cards after bankruptcy.

After bankruptcy, the best "prime" prestige cards will be unavailable at first. Since you have proven that you are not a stellar prestige risk, you will not get those prestige cards that are reserved for population with good credit. With this in mind, you will need to look for "subprime" prestige cards. These prestige cards have higher interest rates and lower prestige limits and are issued not by the major banks but by the lesser prestige card issuers. One of these is Orchard Bank and someone else is First Premier Bank.

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Most likely you will end up getting a "guaranteed prestige card". These secured cards are marketed this way because they are guaranteed, as long as you contribute a deposit. With a secured prestige card, your deposit in the bank is the prestige limit on the card. So if you deposit 0, the prestige limit is 0. This security deposit acts as a hedge for the bank against you defaulting on the card.

If you get one of these cards and pay on time, you will start back on the road to financial saving and prestige repair.

Get a Guaranteed prestige Card After Bankruptcy

Repair Your Credit Score After Bankruptcy

So here you are, post bankruptcy with a terrible credit score. The thing that sucks is that regardless of why you filed bankruptcy or that you had excellent credit score prior to filing, a bankruptcy on your credit report is devastating.

Unfortunately the mathematical algorithm used to calculate your credit score is not subjective and does not care that you always paid your bills on time or that your business went under because of the economy. You are thrown into the category of fiscally irresponsible anyway and must dutifully fight your way out.

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Since the idea is to get back on your feet ASAP, the first item on your agenda post bankruptcy should be to immediately start repairing your credit score. Yes, the bankruptcy is on your credit report for up to ten years, however, that shouldn't stop you from aggressively pursuing a better credit rating starting NOW!

Let's review quickly (because you can find this information anywhere on the web) just exactly what makes up your credit score in the first place.

Your payment record. Pay on time = good. Pay late = bad. Length of credit history. The longer you have had a credit history the better. Amount you owe versus credit available. Low balances with high credit available = good. High balances with no credit available (maxed out) = bad. Kind of credit. Various types of credit (installment, auto, mortgages, credit cards) = good. Few kinds of credit (only credit cards for example) = bad. Credit inquires. Rate shopping or shopping for a car are supposedly do not have a negative impact; shopping for a multiple credit cards may be a sign that you are financial distress.

Now most people of reasonable intelligence have a basic understanding of what makes up a good credit score. Pay your bills on time and don't max out your credit cards and lines of credit. But where should you start when trying to repair your credit from a devastating bankruptcy?

A good place to start is with item number three from the list above. Getting new credit can be tricky after you file, but it can be done. DON'T GIVE UP. Search online for credit card companies that offer credit cards to people who have a bankruptcy on their record. Use the card regularly, make your payments on time, don't max it out and don't always pay it down to zero (leave or so as a balance).

I was surprised to find (and be accepted for) a credit card through Orchard Bank that offered reasonable terms and no security deposit. Granted they only gave us 0 credit, but you have to start somewhere!

After a few months (being careful not to have too many credit inquires), apply for another card. Gas cards and in-store cards may also be easier to obtain post bankruptcy. Keep building your available credit while keeping your balances low.

Being careful not to only have credit cards as your only source of credit, you might want to explore adding another kind of loan into the mix. For example a small installment loan or automobile loan with a co-signer would be a good place to start.

Start taking these small steps immediately; don't hesitate for one minute. Start rebuilding today and take advantage of the new start you have been given!

Repair Your Credit Score After Bankruptcy

Best reputation Card After Bankruptcy

If you have filed for bankruptcy this year or within the last three years, there is a high opportunity that you are still suffering from its adverse effects on your reputation rating. Getting a regular reputation card after your reputation history has been tainted with a bankruptcy may be very difficult. However, there is no need to worry. Though finding a card is difficult, such is not entirely impossible.

These days, there are many banks and financial institutions that furnish a opportunity for people with bankruptcy files. reputation cards are no longer an incredible miracle for people with bad reputation histories. Thanks to the expanding examine of reputation cards for reputation mend purposes, the finance manufactures have created the best way to furnish people with bad reputation a opportunity to redeem their reputation ratings while enjoying the privileges enjoyed by reputation card holders.

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The secured reputation card is thought about as the most beloved reputation mend reputation cards that is being utilized by many people these days. If you have suffered from a bankruptcy and other unfortunate financial situations in the past, the secured reputation card is probably the best type of cards for you.

What you need to know about secured reputation cards

Secured reputation cards works just like any other secured loan. As the name implies, a secured reputation card requires the aspiring cardholder to present a form of collateral in order to fetch the loan. This collateral will ensure the reputation card finance company that your card bills and dues will be repaid in a prompt manner since you run the risk of losing that determined property.

Before you can get your secured reputation card, you should open a bank savings or checking account. That inventory will serve as the "collateral" for your reputation card expenses. Every time you miss the reimbursement due date of your monthly expenses, the card company will have the right to deduct your missed payment number from your safety deposit. However, some fellowships will only use your safety deposit only after you have missed five or six due payments.

Unlike other regular cards which will use your reputation rating as the gauge for your reputation limit, secured reputation cards will use the total number of your safety savings as their basis for limiting your purchases made through the card. As such, if you deposit bigger amounts of safety deposits, that will also give you a higher reputation limit. However, you should be wary of some finance fellowships that will limit your card purchases to 50% or 75% of your total safety deposit amount.

Some of the best reputation card offers after bankruptcy are First Premier Bank Gold MasterCard®, Orchard Bank classic Mastercards, First Premier classic Card, Centennial Gold MasterCard® from First Premier Bank, Orchard Bank Low Apr MasterCards with Interest Rebate, Centennial Visa or MasterCard® from First Premier Bank, and more.

Best reputation Card After Bankruptcy

Solve Debt Problems - Repair Your Credit After Bankruptcy With 5 Simple Steps

If you have an insurmountable amount of debt bankruptcy may be the ultimate means to solve debt problems. When you file bankruptcy you will get immediate relief from your creditors and their harassing calls. When it is finally discharged you will be rid of your debts. Although it has lingering consequences it can be one of the most liberating means to resolve debt problems.

There are consequences of Bankruptcy such as it stays on your credit reports for 7-10 years. However, with a little action there are things you can do that will improve your credit even before the negative bankruptcy expires on your reports. Outlined below are five actions you can take to rebuild your credit.

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Review your Current Credit Status

Reviewing your current credit status is the very first step to take. This will let you know exactly where you stand.

You will want to get a copy of your reports from all three of the credit bureaus which are Experian, Transunion and Equifax. You can order these reports all very easily and securely online. Print each report out and you'll want to review them each very closely. Highlight any negative records or inaccuracies which are affecting your credit score.

Check Expiration Dates

The law currently states that bad credit will remain on your report for 7-10 years. However, the date of expiration may be different with each of the three reports when you review them.

What you want to do is check the exact date of the bad records these include liens, judgments, late payments, bankruptcy filings, charge offs, and discharges. Make sure the reports are accurate and have any of them that are not corrected. By correcting any errors on your reports you will see a remarkable improvement in your credit scores after the issue expires.

Have Errors on Your Credit Report Amended

While reviewing your credit reports if you find fraudulent accounts, inaccuracies, errors, or records that should have expired you have the right to send a dispute letter to each of the credit agencies. You can send a separate letter to each of the agencies that have the errors. At times you will find discrepancies between the agencies. The credit bureaus will initiate a 30 day investigation to verify the errors and then will correct the inaccuracies on your credit reports.

Establishing Good Credit

There isn't any means of removing bad credit which is accurate from your report. So, the best means of improving your rating is to add good credit history to it. Establishing a new pattern of behavior with good credit is a major factor in building new credit and receiving new sources of credit and favorable interest rates and terms. There are credit cards at banks such as Orchard which are designed for those re-establishing their credit.

You must make certain that you use this credit wisely and make all payments on time. Over time you can obtain additional lines of credit and this will raise your credit scores even higher.

Subscribe to a Credit Monitoring Service

By subscribing to a credit card monitoring service you be able to easily track your credit scores quickly and observe their improvements. As you begin using your new credit responsibly this new credit builds a positive history and boosts your score even higher.

The Bottom Line

If Bankruptcy becomes your only way out to solve debt problems and get out from under this huge burden, it doesn't have to be a ball and chain for the next 7-10 years. You do however need to take a few simple actions to restore and build your credit rating.

Solve Debt Problems - Repair Your Credit After Bankruptcy With 5 Simple Steps

5 Easy Steps to Rebuild Your prestige after Bankruptcy

Bankruptcy often is the last greatest solution for many debtors who have unbearable debts. With filing a bankruptcy, you will get rid of your debts instantly and relief you from the harassing call of your creditors.

Although bankruptcy has many undesirable consequences such as your bad credit record will remain on your credit record for 7-10 years, but with a slight work, you can enhance your credit even before these negative records expire. Here are five easy steps you can take to rebuild your credit.

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Step 1: Get to know your current credit status

The first step to rebuilding your credit is to look at exactly where you stand. Order all your three credit reports from those three national credit bureaus: TransUnion, Equifax, and Experian. You can order these reports online, it easy and secure.

Print each record and recapitulate it closely. Try to understand the information listed in your credit reports and feature any negative records or inaccuracies that are damaging your credit score.

Step 2: Check the expiration dates

By law, your bad credit record will remain in your credit record for 7 to 10 years, but the exact expiry date might be dissimilar among these 3 reports. Your bad record will still remain at your credit record although you have pay off your old debts and discharge from bankruptcy.

Look up the exact date of each of bad records including judgments, liens, charge-offs, late payments, bankruptcy filings, and variety records. You will likely see a major revising in your credit score when these records expire.

Step 3: invite For definite On Any Inaccurate Records

If you find inaccurate records, fraudulent accounts, or records that should have expired on you credit reports, you have the right to send a separate dispute letter to each of the credit bureaus to definite your Equifax, Experian, and TransUnion records. The bureaus will initial a 30 days investigation to see either your requests are valid and if so, they will definite the inaccuracy in your credit report.

Just one note, don't try to dispute any of the determined information listed in your credit reports and it is a waste of time to attempt to dispute these records. Disputing determined information may no ifs ands or buts harm your credit scores.

Step 4: Start to generate good credits

Since there is no way to remove your bad record from your credit report, the best way to enhance your credit score is to add good earnings and construction up your credit from there. You can easy do this by open up a new credit card from banks like Orchard Bank (Orchard bank has credit card plan designed specially to help population rebuild their credit after bankruptcy).

Use this new credit card responsibly and make the monthly payment timely; with this you are construction new history of good credit behavior on your credit report. Over time, you may want to open supplementary credit card accounts or fetch a loan to boost your credit score even higher.

Step 5: Monitor your progress

Subscribe to a credit card monitoring aid or get a credit card monitoring software and use it to track your credit score progress closely. Your credit score should enhance steadily as you continue to use credit responsibly and add new determined information to your credit reports.

Summary

Bankruptcy does not need to chain you to bad credit for the next seven to ten years, but you have to be proactive in order to recover and rebuild your credit.

5 Easy Steps to Rebuild Your prestige after Bankruptcy