We have created the list of the easiest good credit cards to get approved for after bankruptcy, to help people with financial troubles to build up their credit. Bankruptcy will destroy your FICA score, but in most cases, you will have at least a few more credit options left.
Banks and credit companies issue secure credit cards that offer credit recovery features to users with bad and poor credit. In some cases, you can also opt for a regular credit card. For getting this type of card, you will need to pass a strict screening. The bank will take into consideration your salary and the amount of debt you have.
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Most companies won’t provide clear criteria for getting these cards, and applicants usually find out the result of their application, after the screening process ends. In addition to this, each credit company has its criteria for issuing cards to people with bad and poor credit.
Still, there are many different cards that are available to consumers, and we have taken into account several criteria to determine their availability for people, who went through Chapter 13 or Chapter 7 bankruptcy. When it comes to secured credit card deals, most companies require you to put several hundred dollars on your account. This fund is then used as a deposit in case something goes wrong. The deposit amount usually determines your credit line, and you get the same amount of money as the one you paid. These strict rules make secure credit cards sound more like prepaid debit cards, but unfortunately, people who filed for bankruptcy don’t have too many options to choose from when it comes to credit.
Apart from secured credit cards, people with credit issues can also apply for prepaid debit cards. Banks offer plenty of different debit plans for people with bad or no credit. Many of these cards are adapted to satisfy the needs of high school and college students. If you need more information about debit card options, check out the Insider Monkey’s list of the Easiest Prepaid Debit Cards to Get for Teens.
As the main source for making our list, we have visited Card Rates one of the most popular credit card review websites in the world. There, we have found five regular and five secured credit card options, available to users who have filed for bankruptcy. We listed all the cards and then we have visited their product pages to find out required deposit amounts, annual fees, and other specifics. After that, we have chosen six cards (secured and regular ones) and ranked them on our list.
Since there are no unique criteria among the banks and credit companies, people with poor credit can easily get refused when applying for any of the cards we have mentioned in our list of the easiest good credit cards to get approved for after bankruptcy.
6. Credit One Bank Visa Credit Card with 1% Cash Back
Score: 8 points;
Card Rate’s rating: 4.0 stars (4 points);
Credit needed: poor (2 points);
Initial credit line: not available (0 points);
Annual fee: $0 first year, $99 later (1 point);
Processing fee: $0 (2 points);
Cashback: 1% (1 point);
Credit One offers the only credit card available to consumers with bad credit that offers cash back feature. Although the company doesn’t require you to pay procession fees, after the first year, they start charging the annual fee of $99. If you want to apply for this card, your FICA score should be higher than 600. Since bankruptcy can take away as much as 240 points from your score, the card is only available to people who had a good credit before filing for Chapter 7 or 13.
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5. Capital One Secured Master Card
Score: 10 points;
Card Rate’s rating: 5.0 stars (5 points);
Credit needed: bad credit (3 points);
Initial credit line: $200 (1 point);
Required security deposit: $49 – $200 (-2 points);
Annual fee: $0 (2 points);
Processing fee: $89 (1 point);
The Capital One card is the only secured card on the list that is being issued by the popular credit company. The card doesn’t offer too many features, but it reports your dealings to all three credit bureaus on a regular basis. Since this is a secured card, it requires you to pay the deposit. The deposit amount depends on your credit score, and it can range from $49 to $200 for the initial credit line of $200. After five regular payments, you can apply for a higher credit line, without paying an additional deposit.
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4. Total Visa Card
Score: 11.5 points;
Card Rate’s rating: 4.5 stars (4.5 points);
Credit needed: poor credit (2 points);
Initial credit line: $300 (2 points);
Annual fee: $0 (2 points);
Processing fee: $89 (1 point);
The Total Visa Card is a standard credit card offer available to people with poor credit and therefore it found its place on our list of the easiest good credit cards to get approved for after bankruptcy. You will need to pay $89 for the card processing, but the company doesn’t charge annual fees or any other additional expenses. The initial credit line of $300 maybe sound small but it doesn’t require any deposit. This card is a regular Visa, which means that it is accepted everywhere in the United States, including the online stores.
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3. First Access Visa Card
Score: 12 points;
Card Rate’s rating: 4.0 stars (4 points);
Credit needed: bad (3 points);
Initial credit line: $300 (2 points);
Annual fee: $0 (2 points);
Processing fee: $89 (1 point);
At third place on our list of easiest good credit cards to get approved for after bankruptcy we have the First Access credit company that offers a regular Visa card that is accepted across the United States. The company requires you to pay a standard processing fee, and you can receive an initial credit line of $300, without paying any deposit. The card is only issued to the checking account owners, and the company will report your account balance to all three credit bureaus on a regular basis. The card is actually issued by the Mid America Bank, which is operating since the beginning of the 20th century. Let’s se what’s next on the list of easiest good credit cards to get approved for after bankruptcy.
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2. Fingerhut Credit Account
Score: 13.7 points;
Card Rate’s rating: 4.7 stars (4.7 points);
Credit needed: poor credit (2 points);
Initial credit line: $500 (3 points);
Annual fee: $0 (2 points);
Processing fee: $0 (2 points);
Apart from a relatively high credit line that you get without paying a deposit, the Fingerhut also offers various product deals that include apparel, electronics, and furniture pieces. This card received the best rating from the Card Rate website, out of all regular credit offers and it doesn’t charge you processing or annual fees. The company runs a secured website, and you can’t access it without prior authorization.
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1. Surge Master Card
Score: 14.6 points;
Card Rate’s rating: 4.6 stars (4.6 points);
Credit needed: bad credit (3 points);
Initial credit line: $500 (3 points);
Annual fee: $0 (2 points);
Processing fee: $0 (2 points);
The Surge Master Card is the definite winner of our list of the easiest good credit cards to get approved for after bankruptcy. Surge reports your credit score to all three credit bureaus on a monthly basis. With their card, you receive a $500 credit line, but this amount also depends on the state of your credit. Although this isn’t a secured card, it is not available to consumers with credit scores below 600. You don’t need to pay annual or processing fees and since this is a regular Master Card you will be able to use it for both location-based and e-commerce purchases.
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