Q: I filed bankruptcy in 2010. I recently applied for a secure credit card at a bank, explaining the bankruptcy. I opened a savings account with the bank, depositing $500, but was denied, after which I requested copies of my credit report and didn’t see anything but the bankruptcy. What other options do I have? I am paying my bills on time.
A: Wait. Really.
Why do you need credit so soon after the bankruptcy? Why rush back into something that got you in trouble in the first place?
Don’t get me wrong. I understand the importance of having a good credit history. It can affect getting a job, your home, car insurance and, of course, future loans.
But right now, you should concentrate on building up more than $500 in savings. Besides, the best way to build up your credit is to pay your bills on time.
So again, give it time. With some space from your bankruptcy, you will be able to get a secured credit card and then a regular general-purpose card.