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If you are considering applying for a credit card after having gone through bankruptcy, the best
advice is to apply for secured credit cards that initiate collateral usage for the credit card
application other than applying for unsecured credit cards.
Have you ever wondered how secured and unsecured credit cards differ from one another? By the
word itself, you know that the secure credit cards are secured while the unsecured credit cards are
unsecured. The secure credit cards uses your saving accounts as collateral, usually starting from
five hundred dollars or more that the credit card issuer use to determine credit limits for you, and
as mentioned used for collateral purposes if there is a default in payments. For instance, in your
savings accounts you have the amount of $500 dollars that can be used as collateral used for
possible problems that are most likely to occur that can result in default payments. When you
default, the card issuer automatically deducts the payments in your savings account to pay for the
credit card.
Unsecured credit cards are also an option for those in need of a credit card but application for
these credit cards may be difficult due to related bankruptcy problems. In applying for unsecured
credit cards you are required to fill in an application form that is based on your income, credit
report, and other necessary information stated on the application form that credit card issuers
need to grant approval to your credit card application. These credit cards are approved with credit
limits based on your income and credibility. Although applying for unsecured credit limit does not
entirely mean that you are qualified for the unsecured credit card, instead applications are also
based depending on the credit card issuer's guidelines too.
In cases like bankruptcy, applying for secured credit cards are best. Besides, unsecured credit
cards depend on the history of your credit, lessening your chances for unsecured credit cards. The
moment the credit card issuers learn you have a record of bankruptcy in file, the issuer will
definitely be questionable and may not grant you a credit card. On the other hand applying for
secured credit cards have higher chances in getting a secured credit card whereas unsecured
credit cards are difficult to apply for due to credit report such as bankruptcy.
Many companies offer secured credit cards that you may consider great, but the truth is all
secured credit cards can be strenuous and could make troubles for you. Secured credit cards are
not all the same therefore consider researching the different types of secured credit cards in
limiting your choice by applying for the best credit cards. There are some criteria mostly important
before applying for secured credit cards.
The following criteria you should consider are low interest rates, application fees if any, and be
sure that a secured card issuer informs all three credit bureaus about the application. You should
consider searching for secured credit cards that has low interest rates and no application fees

2. included. Also, the important thing to remember is all secured credit cards should be reported at all
credit bureaus for approval.
Applying for the right credit cards need time and effort for researching different types of credit
cards offered by companies. If you feel that you are still not satisfied with secured credit card, you
can also try unsecured credit cards. However, because of a bankruptcy background, the best to
apply for credit cards are secured credit cards.
Joe Davis is specializing in research and journalism on credit cards. Looking for a credit card?
Find the best credit card from leading banks and instantly apply online.
Article Source:
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To Compare Credit Card Offers and Find the Card That's Right For You, please visit:
www.CreditResourceUSA.com
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