You’re filing for bankruptcy, but you want to know how hard of a hit you’re about to take. Will you still be able to apply for a credit card? Will you be able to rebuild your credit score. Here is what you need to know about applying for credit after a bankruptcy.
Can You Apply for New Credit Cards?
Absolutely, you can apply for new credit cards when your bankruptcy is finished. Keep in mind that you will receive a formal discharge within a few months of filing. Once that is through, you can technically apply for new credit cards. Now, it will not be that easy, of course. When you file for bankruptcy, it will be on your record for 10 years. This means that credit card companies will see your bankruptcy and make a decision based on that. If you recently filed for bankruptcy, creditors may be less likely to offer you a credit card.
Your credit score also takes a hit after you file for bankruptcy. It’s important to remember that because you may not qualify for the same credit cards that you used to. It will be more difficult to find a credit card and you may see higher interest rates than you did before. While you can apply for credit cards, it may not be easy and you may not have the same qualifications.
Are There Hard Time Limits?
There is no hard time limit when it comes to applying for credit cards. This does not mean that it isn’t smart to wait, however. When you apply for a credit card, it also affects your credit score. It is better to wait until you have a better chance to receive the credit score, or else you negatively affect your hurting credit score for nothing.
Creditors pay attention to when you filed for bankruptcy. If you filed recently, they are less likely to give you the credit card. After all, you could not pay your bills recently, they have no reason to believe that you can pay them right away. It’s important to wait until you have a more stable income and the ability to pay off your credit cards.
When it comes to filing for bankruptcy, your financial future is not over! In fact, you will usually be able to bounce back within a few years. A credit card lawyer in Clearwater, FL can provide you with advice for how to deal with creditors and your bankruptcy. Contact a lawyer as soon as possible.
Thanks to The Law Office of Michael A. Ziegler, P.L. for their insight into bankruptcy law and applying for credit cards after bankruptcy.