Choose the right credit card to rebuild your credit after bankruptcy

Tuesday, March 1st, 2011
Updated: March 1st, 2011
The content is accurate at the time of publication and is subject to change.

Most Americans are clueless as to how to rebuild credit after having filed for bankruptcy in recent years.  The perennial question that is on everyone’s mind is – which credit card is good in order to rebuild credit after filing for bankruptcy?

Most individuals are in a dilemma as they don’t want to end up applying for the same cards and get multiple rejections.  The ones with a poor credit history do not want to get exploited by the subprime cards that charge exorbitant interest and sky-high fees.

Sometimes people are even scared to apply for a new card due to the problems they have faced in the past.  However, one must understand that, one must not allow past fears and mistakes to take over under these circumstances.

The first thing that one must do is to shop around for a good credit card deal, and use the comparison sites online – like creditcards.com or cardratings.com.

One good suggestion that has come forward is the Orchard Bank Secured MasterCard, which is basically issued by HSBC and is supposed to have a host of interesting features, and is especially meant for those with bad credit or no credit. It is for those who wish to improve their credit rating.

The yearly fee on this card is just $35 and that too is waived for the first year. The variable APR (tied to the prime rate) is at 7.9% at the moment.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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