Should people jump right into trying to obtain credit after bankruptcy?
Following bankruptcy a debtor will likely receive a number of offers for credit. One article detailed that a certain company was offering a credit card to such individuals with an annual interest rate of 79%. The key is to build credit, not simply take the first offer of credit that comes your way. Start with a simple secured card from a bank or a credit union. Show responsibility and your credit will be rebuilt in a steady manner. Nothing comes easy, and the credit card companies know that. They offer these cards to recently bankrupt individuals because they know that the individual cannot file bankruptcy again for another 8 years. It is a safe bet for them, not the individuals who take their offers.
If you have further questions, contact the Henshaw Law Office today at (408) 599-1305.
There are certain companies that target people who filed, or are in the process of filing, bankruptcy by offering them a small limit, high fees and steep interest rates. You should build your own credit with minimum cost to you. By following the steps stated above, you should be in the 700 credit score range in 18 to 24 months.
