What is the best credit card after bankruptcy? need to build up credit score! help

I have been bankrupted for over 12 months now and things are returning to normal slowly but surely. I have a secure job which pays well and I wanted to start building my creditworthiness because I want to buy a house one day. With my existing credit file no bank would touch me with a barge-pole so I'm looking for any tips to help me get a credit card so I can start proving that I can make regular payments without defaulting. Does anyone know what the best credit card is for people after bankruptcy or can anyone give guidance on the matter?

Many people are becoming bankrupt even as the economy shows signs of recovering. Becoming bankrupt really diminishes your opportunities when credit cards are concerned. Many people ask which credit card is the best after bankruptcy and there are many that can help you repair your credit and take your status back to where it was before. Credit repairing is a difficult and long process however it can work.

When choosing a suitable card your choices are really limited. You have to be careful which companies you apply for. Every credit application leaves a footprint therefore it is not a numbers game anymore where the more you apply the more responses you will get, instead you have to really target the companies you apply to so that the chances of getting accepted is high.

The first thing that you have to do is get a copy of your credit file. Go through the file and check the details of your delinquency and do some research into how long these stay on your credit file. See which companies the adverse credit is marked with and make a note not to apply to them. Once you have ruled out the companies you can’t apply to now you have to find the companies that are willing to accept your custom.

There are many companies that are willing to provide credit to people who have defaulted, check some of the links on this page. Many credit companies offer prepaid cards which have been specifically designed to repair the mess. If you can apply to a few of these companies one at a time then you have a great chance of being accepted. The interest rate is usually really high on these facilities and you have to be really careful what you spend on if you are given credit worthy status after prepaid probationary period. If you can repay quickly and make overpayments then your creditworthiness will improve and you will repair your file.

There are also some cards specifically designed for people with bad credit. These cards are usually really high in interest because of the inherent risk that is attached to your name. Cards such as Vanquish are some of the facilities that are available in the market that you can apply to. If you are accepted then you have to spend carefully. Only spend money that you can payback and make as many overpayments as you can. Credit card companies increase your creditworthiness when you pay before the due date and make overpayments. If you can do this for a year your file will improve rapidly.

Many people believe that after bankruptcy their chances of getting a credit card are non-existent. Although you might not get the normal products you will have the option of getting credit that is specifically designed to repair your file. If you can systematically apply to these companies and then once accepted develop a reliable and recognised history of payments you will be well on your way to recovering your status when it comes to borrowing money.