Start Rebuilding Now: Best Credit Cards That Accept Bankruptcies

Don’t let bankruptcy stop you from getting a credit card -I have researched the best Credit Cards That Accept Bankruptcies for you!


Filing for bankruptcy can be a difficult and stressful process, especially when rebuilding one’s credit afterward. The good news is that it is possible to start rebuilding now by taking advantage of the best credit cards that accept bankruptcies.

According to Debt.org, bankruptcy isn’t caused by reckless spending. Still, it often results from financial hardship – particularly for lower-income individuals who cannot deal with unexpected major expenses such as job loss or medical bills.

In 2011 alone, California saw the highest number of bankruptcies declared at 240,151, followed by Florida (94,815), Georgia (73,852), Illinois (73,210), and Ohio (58,754).

Interestingly, 46 percent of bankruptcies were found to be related to outstanding medical conditions for people younger than 25 years old.

Additionally, 8 percent of those who file for bankruptcy have filed at least once before – these repeat filers account for 16 percent of all cases.

With this in mind, those who have filed for bankruptcy can take heart knowing that options are available and they can start rebuilding their credit now.

Let us discuss some of the Best credit cards after bankruptcy discharge.



7 of the best credit cards after bankruptcy

Below are the credit card that may be best for you, if you have recentky dischaged from bankruptcy.

1.OpenSky Secured Visa Credit Card

OpenSky Secured Visa Credit Card
OpenSky Secured Visa Credit Card

The OpenSky Secured Visa Credit Card is one of the best credit cards after bankruptcy. It has a reasonable annual fee of $35 and a minimum deposit of $200. 

After six months, your credit line can be increased without requiring an additional deposit. This card reports to all three major credit bureaus monthly, allowing you to improve your credit score.

Despite this, some drawbacks exist; for instance, the card carries a three percent foreign transaction fee and does not offer any rewards program. 

Further, you must prove that your income exceeds your expenses to get approved for the card. All in all, it is an excellent choice for rebuilding your credit after bankruptcy.

Pros:

  • Reasonable $35 annual fee
  • $200 minimum deposit
  • Credit line increase after six months, with no additional deposit required
  • Reports to all three major credit bureaus monthly

Cons:

  • Three percent foreign transaction fee
  • No rewards program
  • Your income must exceed your expenses to get approved

2. Capital One Quicksilver Secured Cash Rewards Credit Card

Quicksilver from Capital One
Quicksilver from Capital One

Capital One’s Platinum Secured card is one of the best credit cards after bankruptcy, as it allows anyone who has defaulted on more than one loan to qualify.

It requires a deposit to establish a credit line, but only a small deposit of $49, $99, or $200 is needed to earn an initial credit line of $200, depending on the terms of your offer.

The card also offers great perks like no annual fee, no foreign transaction, replacement card or authorized user fees, and the ability to check for pre-approval without a hard credit pull.

Further, it offers rewards such as unlimited cash back on every purchase, every day, and you only need your bankruptcy case to be resolved to qualify.

However, it has some drawbacks, such as a high-interest rate and no introductory APR period.

Pros:

  • Offers rewards
  • Only need your bankruptcy case to be resolved to qualify
  • Unlimited cash back on every purchase, every day
  • No annual fee
  • Qualify with limited credit history

Cons:

  • High-interest rate
  • No introductory APR period

3. First Progress Platinum Select Mastercard Secured Credit Card

The best post-bankruptcy credit cards are an excellent way for those who have recently filed for bankruptcy to rebuild their credit.

One of the top ones is the First Progress Platinum Select Mastercard Secured Credit Card, which comes with a low annual fee of $29 and no monthly or one-time fees for application processing.

It does not require any minimum credit history or score, making it ideal for those who have just gone through a bankruptcy case and had it discharged by the court.

To apply, you need to fund your deposit, validate your identity, and demonstrate that you have the income needed to pay your monthly bills.

The pros include no minimum credit score required, a $200 minimum deposit, and monthly reports to all three major bureaus without any hard inquiries on your report.

However, it comes with an annual fee of $39, no rewards or bonuses, and a 3% foreign transaction fee.

Pros:

  • No minimum credit score required
  • $200 minimum deposit
  • Reports to all three major credit bureaus monthly
  • No hard inquiry on your credit report

Cons:

  • $39 annual fee
  • No rewards or bonuses
  • 3% foreign transaction fee

4. Applied for Bank® Secured Visa® Gold Preferred® Credit Card

Applied Bank Credit Cards - Designed for You to Build Credit
Applied Bank Credit Cards – Designed for You to Build Credit

The Applied Bank® Secured Visa® Gold Preferred® Credit Card is an excellent option for those with bad credit or who have bankruptcy on their credit report,

No credit check is required, and the APR is a low 9.99%. There is an annual fee of $48 but no monthly or application fees.

A refundable security deposit of at least $200 is required. The card also offers the opportunity to increase your credit limit to $5,000 by adding additional deposits anytime.

Finally, the card notifies all three national credit bureaus of activity so that you can improve your credit score.

However, keep in mind that this card has no rewards or bonus offers. Foreign transactions also incur a 3% fee.

But overall, the Applied Bank® Secured Visa® Gold Preferred® Credit Card is a great option for rebuilding their credit.

Pros:

  • No credit check required
  • Low APR of only nine percent
  • No monthly or application fees
  • Can increase credit limit up to $5000 by adding additional deposits anytime
  • Reports activity to all three national credit bureaus

Cons:

  • $48 annual fee
  • No rewards or bonus offers
  • A foreign transaction fee of three percent

5. Credit One Bank Platinum Visa for Rebuilding Credit

After the bankruptcy is discharged, it can be challenging to rebuild credit. One of the best options for post-bankruptcy credit is the Credit One Bank Platinum Visa for Rebuilding Credit.

This card does not require an upfront deposit like many secured credit cards and likely performs a hard credit check to determine your credit limit based on your creditworthiness.

The card also has some attractive features, such as a $300 initial starting line of credit, a rewards program, and the potential for the credit-line increase, but there are also downsides, such as an annual fee of $75 the first year (up to $99 after that) and a high APR of 27%.

This card might be worth considering if you’re looking for another possible option for rebuilding credit after a rough bankruptcy.

Pros:

  • $300 credit limit
  • Rewards Program
  • The potential for credit line increases

Cons:

  • Annual fee of $75 the first year (up to $99 after that)
  • High APR of 27.74% (V)
  • Low credit limit

6. Secured Sable ONE Credit Card

Secured Sable ONE Credit Card
Secured Sable ONE Credit Card

When looking for the best credit card options after filing for chapter 13 bankruptcy, the Sable ONE Secured Credit Card is a great choice. This card is designed to help individuals with bad credit or little credit history build their credit.

There are no strict credit requirements, including no credit check and no need for a Social Security number (or U.S. credit history).

This makes it a good choice for those new to the U.S. and trying to establish a U.S. credit history.

This card has many pros, including no annual fee, high rewards rates, low regular APR, and the opportunity to get your security deposit back.

The only con of this card is that you must put down a security deposit which can be refunded when you close your account in good standing.

Further, there is a 3% foreign transaction fee but no intro APR offer. Overall, the Sable ONE Secured Credit Card is one of the best options after filing for chapter 13 bankruptcy. It offers many benefits and helps build your credit score over time.

Pros:

  • No credit check required
  • No annual fee
  • High rewards rates
  • Low regular APR
  • The opportunity to get your deposit back

Cons:

  • Security deposit required
  • A foreign transaction fee of three percent
  • No intro APR offer

7. UNITY Visa Secured Credit Card

The UNITY Visa Secured Credit Card is one option that can help you rebuild your credit score. With responsible use, you can raise your score and eventually qualify for a traditional credit card.

The UNITY Visa has a $39 annual fee and an initial credit limit of $250.

Your payments will be reported to all three credit bureaus, helping you to establish a positive payment history.

The constant interest rate is 17.99 percent on purchases, with an introductory APR of 9.95 percent for six months on balance transfers (plus a 3 percent balance transfer fee).

While there are some drawbacks – such as the annual fee and the need to provide a security deposit – the UNITY Visa Secured Credit Card can be a valuable tool in your journey to financial recovery post-bankruptcy.

Here are the pros and cons of the UNITY Visa Secured Credit Card:

Pros:

  • It can help you rebuild your credit score
  • No annual fee
  • Initial credit limit of $250
  • Reports payments to all three credit bureaus
  • Introductory APR of nine percent for six months on balance transfers

Cons:

  • Security deposit required
  • The ongoing interest rate of 17.99 percent on purchases
  • A balance transfer fee of three percent
  • No rewards program

Conclusion

Don’t let bankruptcy hold you back any longer. There are plenty of opportunities to rebuild your credit and start fresh. 

You can get started on the right foot by following these steps on applying for credit cards that accept bankruptcies. 

If you have any questions, don’t hesitate to contact us; we would be happy to help. You deserve a bright future, so don’t let anything stand in your way.


Methodology for Selecting the Best Bankruptcy Credit Cards

You can find a credit card that fits your needs after bankruptcy by comparing more than 1000 credit card offers.

We have created a list of the best bankruptcy credit cards, focusing on cards that don’t exclude applicants who have filed for bankruptcy and don’t require a minimum credit score or credit check.

That way, you can be sure to get approved for a card that meets your needs. Filing for bankruptcy is a difficult decision with many financial challenges – one of those being finding an appropriate credit card – but help is at hand!

About Author

Dhiraj Jha
Dhiraj Jha
As a personal finance and credit cards expert, I provide valuable insights and advice on budgeting, saving, investing, and debt management. I am also an expert on credit card rewards programs and help readers make informed decisions about which cards are right for them. My goal is to help people improve their financial literacy and make better financial choices.

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