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HIGH RISK CREDIT CARD FOR BANKRUPT INDIVIDUALS

 Do you know that more than 85% of bankrupt individuals have become bankrupt due to over usage of the credit card. Now the question is whether those individuals who have declared bankruptcy can get a credit card.

Yes, it is definitely possible to obtain a credit card even after you are bankrupt. While it is not a good idea to give an individual who has declared bankruptcy the opposite is very true. Credit Cards for bankrupt individuals can be obtained very easily and can help that person to re – establish his or her credit report if it is used wisely. These will also re – establish their credit reputation. Paying the bill of your new credit card on time and also, maintaining your expenses below the credit limit will open up several other lines of credit such as home loans, personal loans and car loans.

You should take at most caution if you get a credit card after filing for bankruptcy. Don’t be excited with every card that the marketing agencies offer to you. Almost all the credit card companies will offer a bankrupt individual a credit card but the rate of interest will be very high and the credit limits will be much lower.

While you feel highly encouraged with the credit card companies queuing up to get to your business, don’t make the same mistake that you made the previous time. Don’t get flattered again so that the credit card companies can fool and over extend you again. The logic behind all this is: bankrupt individuals will do any thing to set right their reputation and that’s why the credit card companies are so eager to sell their products to them. This time you should make your choice wisely and see to the fact that you don’t get deeper in to debt.

The primary purpose for you to take a credit card after you are bankrupt is to re – establish your credit history. You should not go to the nearest retail store and shop for the best things available there. You should only think of it like another opportunity to get back on your feet and also remember the fact that you may not get another chance. If this is want you want to achieve then go ahead and apply for that crucial credit card of yours.

But this time you have to use the card or else it will not help your credit rating in a big way. Make tiny purchases each month and pay the entire amount before the interest free period is over. Do this for a few months and your credit rating will start to improve. This will very clearly and loudly prove the fact that you have become more responsible and debt conscious now and slowly the credit card issuer will reduce your interest rate followed by increasing your spending limit. Later on you may be approved for the gold or the platinum credit cards and then loans such as house loan.

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.