Bankruptcy Credit - Bankruptcy Credit Cards

Most of the bankruptcy credit cards you see advertised are secured credit cards. If you are not familiar with a secured credit card, it's "secured" by a special savings account you establish with the issuing bank which acts as collateral for the line of credit you receive with the bankruptcy credit card.

Are you afraid of how a bankruptcy credit score will affect your buying power? No doubt about it, bankruptcy may eliminate debt collectors, the fees and penalty rates assessed against default payments, threats of legal action, and legal actions. However, the consequences of filing bankruptcy are severe. And the smoke and mirrors that come with a bankruptcy credit score is nothing to sneeze at.

After bankruptcy, credit repair may be the first thing on your mind. While your eagerness and optimism are important as you start the process of bankruptcy credit repair, beware of those who will take advantage of people in your situation. You have probably seen advertisement of companies offering bankruptcy credit repair services. These companies offer quick and easy ways to clean your credit report; delete your bankruptcy record or create you a new identity.

After bankruptcy credit repair is like waking up the next morning after a hideous nightmare. But the idea is to keep moving, facing front, not back. Start by making timely payments on all debt, temper your credit card use, and consolidate all debt. Speak to your creditors - yes - even after you've filed for bankruptcy. Who knows, once they see that you're diligently doing after bankruptcy credit repair, they might be more predisposed to removing negative information from your file.

A bankruptcy is the most devastating occurrence that can ever be noted on your credit report. Bankruptcy says to the world that you are willing to create debt and walk away without paying. Most bankruptcies can legally be noted on your credit report for up to seven years, so you are going to be met with difficulty when you begin rebuilding your credit from the ground up.