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Advice for getting a credit card when you have bad credit?

One of the biggest problems many Chapter 7 bankruptcy filers face is the fact that it's very hard to get a decent credit card during and for some time after their bankruptcy process. Fortunately, there are some solutions that can help you get past this problem.

If you're having credit problems and your credit rating has plummeted, you might want to consider getting what is called a 'secured card.' With a secured card, you won't have to worry about giant annual fees. Some secured cards actually have less than a $50 fee.

When selecting a new credit card, people with debt trouble should also think about getting one that offers text and email alerts when payments are due. This will ensure that you will never forget to pay your bill -- which could end up making your credit rating even worse and cause your new credit card's interest rate to rise.

Think about whether or not you will be traveling with this new credit card as well. Some credit cards offer some valuable benefits that could save you financially if you get in a travel jam. For example, some come with a rental car damage waiver policy. These policies usually come automatically on non-secured credit cards, but when it comes to secured cards many of them don't have them -- so check your benefits before you sign up.

Another strategy you may want to consider is going to your bank for a credit card deal. If you already have an account relationship with a financial institution, for example, there is a higher likelihood that you can qualify for a credit card, even with a low credit rating. It will also make it easier for you to stay on top of payments because your accounts will be visible in the same place.

There are numerous people struggling with debt challenges in New Jersey. If you're having debt problems, Chapter 7 bankruptcy proceedings might be able to help you get out of financial trouble.

Source: credit.com, "Credit cards for bad credit," accessed Feb. 26, 2016

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At the law offices of William H. Oliver, Jr. & Associates in Toms River and Lakewood, New Jersey, we represent clients in Toms River, Neptune, Trenton, Middletown, Red Bank, Wall, Lakewood, Lakehurst, Manchester, Asbury Park, Old Bridge, Jamesburg, Barnegat, Forked River, Manahawkin, Ocean Township, Brick, Manasquan, Howell, Freehold, Hazlet, Bradley Beach, Brown Mills, Long Branch, Keansburg, Marlboro, Bayville, Beachwood, Whiting, Sayreville, South River, East Brunswick, Monmouth County, Ocean County, Middlesex County, Burlington County and Mercer County.