 TITLE: Can I Get a Credit Card After Bankruptcy? CONTENT: Your first step toward getting a credit card after bankruptcy should be checking your credit report and credit score so you know where you stand when researching various cards' approval requirements. If, like many others who file for bankruptcy, you have credit reports that include late or missed debt payments, maxed-out credit cards, or accounts that have been turned over to collections agencies, your credit scores may have dropped into the fair or poor credit range even before taking a hit from the bankruptcy. While that may make it tough to get a conventional credit card or loan, there are strategies that can help you start rebuilding credit following a bankruptcy.\nWhen looking for the right credit card, your best bet will likely be a secured credit card, which requires you to put down a cash deposit. The deposit amount typically equals the card's borrowing limit, and if you fail to pay your card balance as agreed, the card issuer can take your deposit to cover the debt. Otherwise, a secured card works the same as a conventional card: You can make purchases up to the borrowing limit, repay them over time as long as you make a minimum monthly payment, and you'll be charged interest on any unpaid balance you carry forward month to month.\nSecured cards you may be able to qualify for after a bankruptcy discharge include:\n*   The Merrick Bank Double Your Line® Secured Visa® Card assigns you a $200 borrowing limit when you put down a $200 deposit. The variable interest rate is 17.45%, and the card has an annual fee of $36. If you make seven months of on-time payments, Merrick Bank automatically raises the card's borrowing limit to $400, without requiring an additional deposit.\n*   The Secured Mastercard® from Capital One assigns you a $200 borrowing limit when you put down a refundable deposit starting at $49. The card charges no annual fee and has a variable interest rate of 26.99%. You'll automatically be considered for a higher credit line with no additional deposit in as little as six months.\nThe chief advantage of secured cards is that they usually have lower interest rates and fees than unsecured cards designed for people with poor credit. The main disadvantage of secured cards is low borrowing limits that restrict the types of purchases you can make. But when you're rebuilding credit after bankruptcy, that can also be seen as an advantage: Low spending limits can make it relatively easy to pay your balance in full each month.\nBorrowing limits on unsecured cards for users with poor credit tend to be low as well. The chief advantage of unsecured cards is that they don't tie up any of your cash in the form of a deposit—and if you can manage to keep balances low enough to pay off in full every month, you'll avoid interest charges, so their high interest rates won't matter much.\nExamples of unsecured cards available to individuals with credit scores of 579 or lower include:\n*   The Destiny® Mastercard® from Genesis FS Card Services offers a $300 borrowing limit with no deposit at an annual interest rate of 24.90%, and charges an annual fee of $75 the first year ($99 thereafter).\n*   The Total Visa® Unsecured Credit Card issued by the Bank of Missouri offers a $300 borrowing limit with no deposit, at an annual interest rate of 34.99%. The card charges an $89 program fee, a $75 annual fee for the first year ($48 thereafter), and a monthly maintenance fee of $6.25 after the first year.\n*   The Milestone® Gold Mastercard® from Genesis FS Card Services offers borrowing limits of $300 and up, at an interest rate of 24.90%. The annual fee ranges from $35 for the most qualified applicants to $75 for the first year (and $99 thereafter) for qualifying applicants with the poorest credit. The card's borrowing limit and annual fee aren't set until you've applied. END