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Applying for credit cards after bankruptcy

People in Virginia might take an interest in information published about Chapter 7 bankruptcy. According to an Aug. 21 report, people who just discharged debts might have some chance to obtain new credit cards.

This article also said that creditors might be cautious and that some lenders only give out unsecured cards to people with a good financial history. However, some financial institutions might give cards to people who have unestablished or damaged credit. Those who are curious about their own credit histories and ability to receive a credit card might try checking the scored offered online by reporting agencies.

Just having undergone Chapter 7 bankruptcy proceedings might make a person eligible for credit card offers because it frees up more income that a person would have otherwise applied to past debt. Even if they have a record of late payments, charge-offs, judgments and collection activity that lowers a credit score, they might have a second chance at getting a credit card by pursuing a secured loan.

Applying for new cards might be easier after about 12 months of timely payments on a secured card. A financial expert advised people who find a credit card after bankruptcy to keep the balanced at zero, use it perfectly and then try to apply for more financing later. This process can slowly rebuild a consumer's credit over time, allowing that person to increase his or her scores with consistent and prudent use of available financing.

A Chapter 7 bankruptcy proceeding involves consulting a lawyer who could help people have a fresh financial start. Lawyers usually plan to show people all available options before undergoing the debt discharge process.

Source: Fox Business, "Credit Card Life After Bankruptcy", August 21, 2014

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