After filing bankruptcy, how long should I wait to apply for a credit card?

Ultimately, the road to recovery from bankruptcy is up to each individual. In any case, a debtor’s credit will be badly impaired for seven to ten years. This can be lessened by consistent credit card payments, but often credit card debt is what causes bankruptcy in the first place. Because of this, debtors should be weary of attaining another credit card so soon.

For things that requires a credit card, prepaid cards can function the same as a credit card, without the risk of spending too much. In addition, most debit cards can now function the same as a credit card, and negate the ability for overspending because they are linked directly to one’s bank account.

However, to effectively rebuild one’s credit, a real credit card will eventually be needed. The best time for this is whenever the individual is ready to use the card consistently, in moderation, while fulfilling the payments in a timely manner. The sooner after bankruptcy filing, the higher interest rates will be. So, waiting at least one year after is helpful to avoid this payment hike.