There are numerous obvious explanations for this.
- Your credit score is terrible, and no bank would likely approve your application.
- Even if your application is approved, you may return to your old spending habits and progressively incur additional debt.
Generally, you would need time to adjust your spending behaviors and become accustomed to paying more. This is the benefit of a secured credit card.
Since you are spending your own money, there is no possibility you will incur debt. Additionally, the low limit forces you to live within your means.
Getting out of the old spending behaviors that got you into bankruptcy in the first place may seem difficult at first, but it is necessary.
However, a secured credit card does not actually grant credit. An unsecured credit card offers significantly more potential than a secured credit card, potential that can exponentially enhance your life or business.
If you've been a user of a secured card for some time, selected the right card from the right bank, and made payments on time, your credit score should have improved.
After bankruptcy, your bank should have confidence in your ability to repay debts on time and offer you a standard unsecured credit card.
Since this would be your first unsecured credit card after bankruptcy, it may initially seem appealing, but you must balance your options carefully.
You don't want to remorse accepting a loan with a significantly higher APR. Just be patient, and the bank may offer you a credit card with a reasonable interest rate.
Or, if not, another bank may provide you with one. Once you have confidence in your credit rating, you can begin searching for a credit card that meets your requirements.
Only time and careful financial monitoring can rehabilitate your credit score in the end.
The key to avoiding credit traps is patience. Always consider your options and ponder twice, if not thrice, before accepting an offer or making a purchase.
A revolving credit card after bankruptcy could provide a financial boost or put you back in debt. So consider the timing carefully.""
" - https://www.affordablecebu.com/
