These two types of credit cards are great to help you reestablish your credit after a bankruptcy. Both types of cards can be used to buy clothes, food, gas and services. The difference in a secured and an unsecured card is that with the secured cards you are required to have a savings account as security for your credit line. Unsecured has no such requirements.

With a secured card, the credit card company may require you to keep the same amount of money as the limit of credit they give you, incase you don’t pay to off the card, they would just take it out of your account. Of course before you receive the card you would have to give your consent to do that, if you choose not to then they may not issue you a card. Secured cards also offer a higher monthly payment and a higher interest rate.

If you have the money in the bank then you may want to use this card but if you don’t, then try using an unsecured card, they don’t need anything like a bank account so you may have a better chance at getting this card. The credit card company will report your history to the reporting agency and that will help you establish you credit and get credit at the same time. Right after declaring bankruptcy you may only be able to get a secured card but in time the unsecured will become available to you, as long as you make your other payments on time.

A lender will base the interest rate on your credit score in addition to your number there is also a letter, a,b,c,d know your credit score and know the number because if you don’t the lender may charge you a higher interest because of bad credit, so let them know you know what your credit is. The amount of the loan may be limited as well, so make sure you have any questions that you want answered written down so when you speak to someone you will not forget to ask the questions.

Even people from time to time need a loan for whatever reason it may be, it could be to pay bills, buy a car or pay your rent of mortgage. You may think because you have bad credit and bad credit plus a bankruptcy that you could not get that loan but relax there is help out there. You can qualify for an unsecured loan; there are lenders out there that are willing to help you. For an unsecured loan, they do not require any collateral or security; the security will be reflected in the interest rate and as you may have guessed it will be higher than usual.

Oral Nicholson wants to help you reestablish credit After Bankruptcy and will show you proven techniques and strategies to get you out of debt without bankruptcy.

For bankruptcy information visit http://www.filing-bankruptcy.info

Source: www.articlesphere.com