Is It Helpful To Get A Student Credit Card After Bankruptcy?
If we take a look at the statistics, its clear to see that many students in the past and recent years faced bad credit and filed for bankruptcy
. A bankruptcy is definitely not the best thing to happen to anyone. We all want to stay away from bankruptcy as much as possible. But when confronted with this situation, theres no other way but to deal with it.
The good news is, bankruptcy isnt the end of all your dreams. Even as a student, you can still regain what youve lost, rebuild your damaged credit history and move on with a new life. Its good to know that credit card companies realize the value of customers in bankruptcy and that they have made special provisions for these people.
Secured credit cards for students
After bankruptcy, its time to make a move towards improvement. Secured credit cards are great tools for establishing credit history and improving bad credit. As a student who has been through bankruptcy, you may feel that you can never be approved for another credit card again. But that isnt true. Secured credit card companies grant approval even for those who has been through bankruptcy.
How to get approved for a secured credit card? Just like with regular credit cards, one can also apply online for a secured credit card. Regardless of the status of your credit history, you can get approved for a secured credit card. However, to make up for your damaged credit, youll be required to submit a security deposit to your account. This deposit would be used in case you default with your credit card debts. Generally, the credit limit that you will be given would depend on the amount of your security deposit. The amount often ranges from as low as $300 to $1,000 and above.
Understandably, secure credit cards offer higher interest rates and fees than their standard counterparts. Credit cards that offer low or zero interest always require good to excellent credit. Nevertheless, this doesnt mean you have to settle for high interest rates forever. Your secured credit card is just meant to be a stepping stone towards a better credit score.
Building your credit history can take time especially if youve been through bankruptcy. But as long as you use your secured credit card, you stay within your credit limit and submit your credit card payments on time, you should be able to see a progress in your credit score within a few months. After a year or so, you may even be already qualified to upgrade to an unsecured credit card.
Remember to look for a secured credit card that regularly reports your payments to the credit reporting agencies. This way, your credit report can be updated and your credit score will improve more quickly. Take note that not all secured credit cards provide this service. Thus, you need to carefully check your secured credit cards Terms and Conditions before applying for the card.
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