It can be a struggle sometimes both to build and maintain a good credit score in Littleton and Aurora. It can be an even bigger struggle to rebuild a credit score, especially after filing an Aurora Chapter 7 or Chapter 13 bankruptcy. Thankfully, there are ways you can rebuild your credit score after a Colorado bankruptcy. One way includes getting a secured credit card. Let’s keep reading about using a secured credit card after a Chapter 7 or Chapter 13 Littleton bankruptcy.
What’s the Difference Between Secured and Unsecured Credit Cards in Centennial?
The main difference between a secured credit card and an unsecured credit card in Centennial and Highlands Ranch is that secured credit cards require a deposit with the credit card company, which acts as collateral against you if you can’t pay off your debt. Typically, the deposit made will be the same as the credit card limit. For example, if you deposit $300 into your bank account, you will be able to spend up to $300 with the card.
Use a Secured Credit Card: Rebuild Your Credit Score After a Highlands Ranch Bankruptcy
Using a secured credit card after a Highlands Ranch bankruptcy is a helpful way to start rebuilding your credit score and getting to where you want to be financially. Secured credit cards are typically a lot easier to qualify for than an unsecured credit card after a Douglas County bankruptcy. Secured credit cards are meant to help those with lower credit scores (or nonexistent credit scores) or people who have been struggling with heavy debt. With a limit set on how much you can spend each month, it helps you watch how you’re spending your money more closely, which in turn makes you more financially responsible. Continue making your payments on-time to creditors and your credit score will be rebuilt in no time. Some secured credit cards will even allow you to increase your credit line based on how consistently you make your monthly payments and whether you’ve stayed under the deposit limit. You can find a list of credit cards that are secured here.
Hire a Lone Tree Chapter 7, Chapter 13 Bankruptcy Lawyer for Rebuilding Low Credit Scores
If you have more questions about rebuilding a low credit score and getting a secured credit card after a Lone Tree or Parker Chapter 7 or Chapter 13 bankruptcy, contact bankruptcy lawyer Barry Arrington. Barry has helped countless individuals and families receive the debt relief they deserve after filing Chapter 7 or Chapter 13 bankruptcy in Colorado. Contact Barry today to set up a free initial consultation and discuss your financial situation in detail.
If you would like more information about rebuilding your credit score or more information about a Littleton, Aurora or Denver Chapter 7 or Chapter 13 bankruptcy, contact experienced Centennial bankruptcy lawyer Barry Arrington today for a free consultation at 303-205-7870, or submit the “Get Bankruptcy Help Now” form. He will fight to give you the best, fresh start possible.
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