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Should You Get An Unsecured Credit Card After Bankruptcy?
excerpted from Bounce Back From Bankruptcy, by Paula Langguth
Ryan
©2001, Pellingham Casper Communications;
www.ArtOfAbundance.com,
800-507-9244.
Why should I get a secured card instead of an unsecured card,
when I’m
getting offers for unsecured credit cards left and right?”
Secured credit
cards have gotten a bad rap, because most don’t help you rebuild
your credit history. That’s why I was very selective in researching
credit cards — to make sure that all the cards listed in this book
are working for you and not against you.
When you use one of the credit cards I’ve listed in this book,
no one else will know that the credit card is secured except you.
Financially, secured credit cards offer you a better deal than
any of the unsecured cards you’re likely to run into after
your bankruptcy.
Now is the time to create some new credit habits. You don’t need
a big credit line in order to buy the things you want now — instead,
you’re learning how to plan for the purchases you want to make,
so that you can have what you want when you want it,
without
adding any new revolving debt.
Companies That Offer Unsecured Credit Cards After Bankruptcy
There are several companies that are making good money offering
unsecured credit cards to people after their bankruptcy is discharged.
Before you rush out and get in line for one of these cards, though, I
want you to know that I am not a fan of unsecured cards.
Especially not for unsecured cards being offered to folks who’ve
recently gone bankrupt.
It doesn’t surprise me that two of the companies offering these
unsecured cards are solid companies that used to offer secured credit
cards. They’ve discovered that there is an untapped market of
people who feel secured credit cards carry a stigma — but as you’ve
seen, the trick is to have the right secured credit card. When you get
a direct mail pitch for an unsecured credit card, it will probably
promise a credit line of “Up to $1,000!” or “Up to $5,000!” Yes,
if your income is $200,000 a year, you might qualify for a credit line
that high. But chances are, if you send in your application fee, you’ll
find that you get an unsecured credit card back with a credit limit of
$250-$300.
Orchard Bank now offers an unsecured VISA to
people with
bankruptcy on their records, with a $300 initial credit limit. You’ll
need a gross annual income of $12,000 to qualify. The interest rate
for Orchard’s unsecured credit card is 18.9% or Prime plus 9.75%
(whichever is higher). You get a 30-day grace period, but the first
year annual fee is a killer — $90! The annual fee drops to $45 from
the second year on. Orchard will increase your limit regularly, as
long as you’re current.
Let’s see how Orchard’s unsecured card stacks up against,
say, Capital One’s secured card, shall we? The interest rate for Orchard’s
unsecured card is 18.9% or Prime plus 9.9% (whichever is higher).
So your interest rate would be 18.9%. Capital One, meanwhile, is
charging an interest rate of 19.8% and paying a yield of 2.59% on
your security deposit, bringing your net interest rate down to 17.21%.
And their annual fee is just $39. Bottom line, you wind up paying
1.7% MORE to have an unsecured Orchard Bank credit card. Plus
you pay an extra $51 the first year for the jacked-up annual fee, and
an extra $6 every year after that. Financially, Capital One’s secured
card makes more sense than Orchrd Bank’s unsecured card.
There are some other unsecured credit cards that you would also
do well to steer away from.
Most unsecured credit cards charge
you such high up-front fees that you’re in debt before you even
receive your credit card!
The VISA being offered by Stutsman County
State Bank is one example. They offer you a $150 unsecured credit
line. But, you pay a $98 processing fee and a $39 annual fee every year.
The good news is that both of these are charged to the credit
card, so
you don’t have to pay them out of your pocket. The bad news is that
once you pay the processing fee and the annual fee, you’re left with an
available credit line of $13 and a debt of $137! So you can’t even use
the credit card until you’ve paid down (or better yet, paid off ) the $137.
Make Sure Your Credit Card Is Helping You Rebuild Your Credit
Since you goal is to re-establish your credit, read this chapter
thoroughly
and pick the one credit card that you feel would be best for you. Then
apply for that one card. Don’t apply for several cards at once or you’ll
get a bunch of new inquiries on your credit reports. Too many inquiries
make creditors nervous — and less likely to extend credit to you.
Above all else, make sure the credit card company issuing your
card meets
these two rules:
(To read more about the best credit cards after bankruptcy,
including credit cards with low annual fees and high limits,
order Bounce Back From Bankruptcy today. Don't let another day go
by without taking charge of your financial future!)
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Are you familiar with the movie "The Secret?" Bob Proctor is the
narrator and he is, simply put, an amazing man. I highly recommend his
Science of Getting Rich audio series - heck, I highly recommend anything
Bob does! He has a unique talent for helping people step up and create
what they want in their lives. By the time my hair goes gray, I hope I'm
half and successful as Bob is!
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"This
is the most important book
we've seen on rebuilding your credit after bankruptcy."
- Ken
and Daria Dolan,
former CBS This Morning
editors
and hosts of
THE DOLANS on the WOR Radio Network, heard nationwide. |
Are You Ready to Live a Debt Free and Prosperous Life?
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Are you worried you'll never, ever get a credit card again after bankruptcy? Or are you glad to be rid of credit cards forever -- and swear you'll never touch another piece of credit card plastic as long as you live?
Either way...
You CAN
Bounce Back
From Bankruptcy -- Effortlessly!
Contents
Reviews
What's In This Book For You?
Order
a Book or E-Book Now!
Top
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"This
is the most important book
we've seen on rebuilding your credit after bankruptcy."
- Ken
and Daria Dolan,
former CBS This Morning
editors
and hosts of
THE DOLANS on the WOR Radio Network, heard nationwide.
Your life
is not over because you've
declared bankruptcy!
Dear Friend,
You made the right decision when you declared bankruptcy. Now, you can start to rebuild your credit and reclaim your right to financial security.
The road may not always be smooth. Scam artists and unscrupulous businessmen will try to use your past misfortune to line their pockets. Credit card companies and car dealers will try to charge you higher interest -- or deny you credit completely.
Luckily, there are strategies you can use to get back on your financial feet and avoid getting taken advantage of I know these strategies work because I've used them personally. It took me a lot of trial and error to get back on my financial feet after I declared bankruptcy. I fell for just about every scam that came along. And I vowed that if I ever got back on my financial feet I would find a way to make sure
that no one else would be taken in by scams or too-good-to-be-true offers if I could help it.
That's why I wrote Bounce Back From Bankruptcy, now in its
Third Edition. In this 224- page book you'll find step-by-step instructions to guide you back onto your financial feet. After you read Bounce Back From Bankruptcy,
3rd Edition, you'll find it easy to avoid any obstacle that gets tossed into your way as you rebuild your credit.
Here's what you'll find in
Bounce Back From Bankruptcy- Painless way to pay off your undischarged debt
after bankruptcy.
- The best credit cards that help you rebuild your credit after
bankruptcy (secured and unsecured).
-
Sample letters that force creditors to take action -- in your favor!
- Step-by-step strategy to help you reestablish credit after bankruptcy.
- How to avoid discrimination on the job after bankruptcy.
- Smartest ways to get car loans after bankruptcy, including individual
loans and new car loans (and how to buy a car without taking on new debt).
-
Common credit repair scams and how to avoid them.
- Best strategies for buying a house after filing Chapter 7 bankruptcy,
(including 0 down mortgages), renting, or even refinancing after bankruptcy.
- How to buy plane tickets, rent cars or book hotel rooms without credit.
- What to do if you get in over your head again!
...And
So Much More!
Contents
Reviews Order a Book or E-Book Now!
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The minute you start taking the steps outlined in this book, you'll begin to bounce back -- effortlessly -- from your previous financial troubles. You'll rebuild your savings. You'll discover how to eliminate debts that weren't included in your bankruptcy. And you'll clean up your credit report, almost effortlessly, so you can easily buy everything from cars to houses in just a few short years. You can even buy a house one year after you declare bankruptcy! This book shows you how to do it -- step-by-step.
With Bounce Back From Bankruptcy, you get a brand new lease on life. Don't waste time scrabbling around with a hit and miss approach to rebuilding your credit. Order Bounce Back From Bankruptcy: A Step-by-Step Guide to Getting Back On Your Financial Feet today. Within 20 minutes, you'll be on your way to a more financially secure life -- and you'll rebuild your credit quickly and easily.
You're not alone, no matter how you feel about credit cards. And you never again have to be a slave to MasterCard! Bounce Back From Bankruptcy will show you how to rebuild your credit without ever again carrying a balance on a credit card!
I'm so sure that Bounce Back From Bankruptcy will help you quickly take control of your financial destiny that I'm willing to offer this 100%, unconditional, money back guarantee: If you're not completely satisfied with this book, just send it back and we'll cheerfully refund your money!
ORDER ONLINE, VIA PHONE OR
MAIL:
To order your very own copy of Bounce Back From Bankruptcy mail your check or money order for
$15.95 per copy, plus $4 shipping and handling which is $19.95, (MD residents please add 5% sales tax for a total of
$20.75) to P.C.C., 1121 Annapolis Road, Suite 120, Odenton, MD 21113. For credit card orders, call 1-800-507-9244.
We accept Visa, MasterCard and American Express.
Bounce Back From Bankruptcy
is now also available as an E-book for $12.95. You save $7 when you order a PDF
downloadable version of Bounce Back From Bankruptcy. To download
your e-book, you'll need Acrobat Reader, which is available for free.
Don't wait another minute to start rebuilding your credit and regaining control over your finances.
Order Bounce Back From Bankruptcy today and reclaim your stake in the American Dream! Your credit problems will soon be a thing of the past!
Call
1-800-507-9244 or
Click Here to
Order Now!
(All
orders receive a free Break the Debt Cycle Gold Card--just say you're
ordering from the Art of Abundance website!)
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