After bankruptcy, you will certainly be bombarded with offers for credit cards after bankruptcy. These credit card offers may even have “guaranteed approval,” making them enticing for people trying to build credit after bankruptcy.
But beware! The banks are failing to disclose a critical fact: Some credit cards after bankruptcy will hurt your credit score!
If you have been through a bankruptcy, you are probably interested in building credit after bankruptcy. And the first rule of repairing credit after bankruptcy is to open new lines of credit.
However, many of these credit card offers will be for subprime credit cards. These credit cards have so many user fees attached to them that the cardholder’s balance immediately becomes too high to start rebuilding credit after bankruptcy.
Let’s take a look at a typical subprime credit card. In this example, imagine that the credit card has a balance of $600 and an interest rate of 29.99 percent, typical for credit cards after bankruptcy.
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244 Jackson Street San Francisco, CA
San Jose /
Silicon Valley Office:
111 N. Market Street
Suite 300
San Jose, CA 95113
Phone: 408.418.4629
Fax: 415.765.5914
Silicon Valley Office:
111 N. Market Street
Suite 300
San Jose, CA 95113
Phone: 408.418.4629
Fax: 415.765.5914
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Welcome to the bankruptcy Law Offices of Rust, Armenis & Schwartz, A Professional Corporation. We are a Northern California law firm that helps individuals, consumers, business investors and small businesses file for bankruptcy protection under the United States Bankruptcy Code. We provide personal care to each of our clients. Our law firm has been providing legal services in Northern California since 1963. We are authorized by the courts to file bankruptcy cases in all of the bankruptcy courts in Northern California including Santa Rosa, San Francisco, Oakland, San Jose, Sacramento, Modesto and Fresno. We understand what you are going through and we will help you understand the best way to relieve you of the financial burden you are carrying. Our goal is to provide caring, competent, confidential, bankruptcy services at a reasonable price. Our flat rate for services is the statutory fee set by the Court.