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Cash Back Credit Cards: Is It A Good Or Bad Idea?

Many people worry about not being able to get credit after bankruptcy. Happily, this fear is unfounded. Years ago, we generally relied upon the banks providing secured credit cards to us in order to reestablish credit. While secured credit cards are still available, it is no longer necessary, in most cases, to obtain one, because they are generally available to everyone even a day after you have filed your bankruptcy case.

Minimize the amount of credit you have outstanding at any time, as a percentage of the total credit available to you. It is sometimes advisable to open another charge account to increase the amount of available credit (but be sure to space any requests for credit over an extended period of time as multiple requests over a short period of time will lower your get credit ranking).

Loan and credit card denial or really high interest rates. Today, most creditors won’t even consider giving unsecured loans or credit cards to individuals with bad credit scores. If they do, you will pay an expensive premium for the privilege. People with good credit can often get cards with 0% balance transfer or purchase offers or low interest rates. With bad credit, amounts of 24.99%, 29.99% or higher are common. This can cost you thousands of dollars in interest, making it difficult for you to get out of debt.

Getting a job, yes with most employers that are hiring. They do run a Max credit score report on you when applying for employment and can hinder you from getting the job. Employers want to know that the employee that they are hiring will be responsible in assisting running their company as well. They look at it as though, if you can not control your own finances how can they trust you with their business.

Begin with small purchases and pay off the balance each month. Avoid maxing out the credit card and then only paying the minimum balance due each month. Both these are looked at negatively by those that rule your credit score.

There’s a range of credit score numbers that lenders will loan money but charge higher interest rates. Below a certain number you won’t be able to borrow anything. And with a high number, you can borrow at low interest rates. So having a high credit score will save you money and makes it easy to get credit.

> Balance transfer: Another way is to transfer your credit balance using balance transfer cards offered by some companies. The attractive feature is that the companies for the first one year offer the cards at 0% interest rate. So if you know that we can manage the money within that period get hold of a balance transfer card to do away with the debt.