You Can Get Credit after Bankruptcy

We hear it all the time.  People are afraid they won’t be able to get credit after they have filed for bankruptcy.  While the issue of whether you should seek credit at that stage of your life remains open for debate, the fact is, you will be able to get it.  Just wait.  You’ll see the credit card offers start to fill up your mailbox in no time!

Why You Will Get Credit

You’ve filed for bankruptcy. You haven’t been able to pay off your debts.  It’s in the public records. Everyone knows it – especially creditors. So, why do you start getting credit card offers?

The fact is, credit card companies are making money.  Even with all of the debts they eventually have to write off as uncollectible, the industry is a profitable one.  When you file for bankruptcy, you don’t come off as the most reliable borrower.  However, the credit card companies are still willing to take a gamble on you.

Whether you need a credit card or should have a credit card is a decision only you can make.  The option is there for you.  There will probably be some circumstances in your future where you have to have a line of credit.  Perhaps you need a car to provide transportation to your job.  If so, getting a line of credit might be the only way to keep your life running smoothly.

However, be prepared for really high interest rates and unforgiving late charges.  After you’ve filed for bankruptcy, you won’t be getting the same card offers you received in the early days!  But with time, even that can change for you!