Your access to credit should be a major concern when considering bankruptcy. Far from being locked out, borrowing may be possible sooner than you think. Each case is unique. But credit cards can be a helpful tool in rebuilding credit scores.

Credit Card Companies
You may be surprised to learn that credit card companies view recent filers as credit worthy. Since you won’t be able to file for bankruptcy again for eight years, you must be disciplined in your borrowing. Offers may begin to arrive in your mailbox shortly. However, it is frequently the first step in rebuilding your credit score and getting on the right financial path.Handled recklessly, credit cards can create insurmountable debt. But after a bankruptcy, they can help rebuild your credit if used appropriately. Creditors will trust you again when they see the following:

  • Only the Essentials: limit your purchases on credit.
  • Timely Payments: credit cards can’t help your score if you don’t pay on time.
  • Prepaid Credit Cards: these are a sure way to rebuild credit while limiting risk.