Can I Get a Credit Card after a Fort Lauderdale Bankruptcy?
Credits cards are a fairly essential part of life these days, but many who file for a bankruptcy in Fort Lauderdale are unsure if they will be able to obtain one once they start rebuilding credit.
The short answer is YES!
While rebuilding credit is not an overnight process, plenty of individuals who have experienced a bankruptcy are able to reach a level of financial stability that allows them to qualify for a new credit card in a shorter amount of time than most would think. Usually all it takes to build trust with creditors is making payments on time and in the full amount. Once someone establishes they can handle that, they may be ready to quality for either a secured or unsecured credit card.
An unsecured credit card is what most people carry around in their wallet or purse. When you buy things on an unsecured card, the credit card company is paying for it now with the understanding that you will pay them back later with interest. There are many different companies and cards each with unique rules and stipulations for spending and interest so researching which card features the most attractive offer following a bankruptcy is important. An experienced bankruptcy attorney in Fort Lauderdale can be a valuable asset when it comes to outlining the steps for financial recovery so don’t hesitate to call today!
Secured credit cards are usually more obtainable for someone on the rebound from bankruptcy as they are not as big a risk for the credit card company. A secured card requires that someone puts money in an account, then a creditor can offer them credit at a percentage of the deposit. This percentage could be anywhere from 50% to 100% depending on the situation. For example, if someone deposits $100 and their credit percentage is 75%, then they can use the secured card to make purchases up to $75. The more money someone deposits, the more they can spend. You can’t spend money you don’t have with a secured credit card so it’s often a smart choice for someone who needs to practice responsible spending.
Obtaining a credit card is possible following a Fort Lauderdale Chapter 7bankruptcy so long as you put yourself in the best position to succeed. A great way to do that is contacting the expert bankruptcy attorneys at the DiTocco Law Group for a free consultation. The skilled lawyers at the DiTocco Law Group have years of experience assisting the people of Fort Lauderdale with a Chapter 7bankruptcy and can help resolve your case as quickly as possible so you can focus on getting things back on track. Call today and see what a bankruptcy attorney can do for you!