Phoenix, AZ -- (SBWIRE) -- 05/17/2013 -- That’s why Credit-yogi.com is here, offering insight into this subject, such as:

- Secured Credit Cards
- Unsecured Charge Cards
- Gas & Retail Cards
- New Credit

Obtain a Secured Credit Card

Obtaining a secured credit card is an excellent way to rebuild credit after a bankruptcy. The way these cards work is like this: An individual places a deposit into an account with the issuing lender. The lender then gives him a line of credit equal to that amount. He can use this card just as he’d use an unsecured one; as long as he makes his monthly payments (plus a little extra)and stays in good standing with the lender, he’ll be able to begin rebuilding his credit score.

Getting Unsecured Cards

Two or three years after the bankruptcy has been discharged and usage of secured charge cards has proven successful, it may be time to look into unsecured cards. These are great tools when addressing how to rebuild credit after a bankruptcy, as they do not require the deposit with a lender that secured cards do. Be sure to check into whether the issuer of these cards reports one’s progress and payment history to the reporting bureaus so his score improves as he maintains perfect payment histories.

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Retail & Gas Charge Cards

Before being able to acquire a gas or retail store card, a person will have to build up some credit. However, they are still an effective way to rebuild credit after a bankruptcy. One can apply for these cards at department stores, appliance companies, and gas stations. If one is already in the system of a few specific lenders and his application flags an old delinquent account, he could not only be denied the line of credit, but also have another negative mark on his credit reports. Just know that all previous late accounts are taken care of and the application will likely be approved.

Requesting New Credit

While getting secured, unsecured, and gas or retail credit cards help answer how to rebuild credit after a bankruptcy, applying for new credit from a bank or credit union is the best way to stay on the road to economic recovery. Avoid businesses or companies that offer loans or lines of credit at high interest rates; they do not generally report to the credit bureaus, and so are of little use.

About Credit-yogi.com
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