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Is it a good idea to apply for a credit card after bankruptcy?

Having to file a personal bankruptcy often frightens Pennsylvania citizens into avoiding credit cards in the future. This can be a very good thing for many, but at the same time, no one can deny the convenience a credit card offers. The best way to answer your question in simple terms is to say that it is okay to apply for a new card. However, be cautious about how you use the card and be choosy about the credit card for which you apply.

One approach that may be useful in helping you avoid making the same financial mistakes twice is to ask yourself a few questions. For example, ask yourself how you envision using your card. If you have your eye on an extravagant purchase that you do not have enough cash to cover, then you should probably think twice about getting a new card. On the flip side, if you just want a convenient way to spend the money you already have, then a credit card could be the answer.

You can also ask yourself why you had to file a bankruptcy in the first place and be truthful in your answers. If poor financial habits and overspending was the culprit, you might not be ready for a new card. At the same time, if you can take an honest look at yourself and see that you have learned from your mistakes, you may be ready to start rebuilding your credit with a new card.

Although it is viewed as a negative event, personal bankruptcy can also be an effective way to create change within yourself. Recovering from bankruptcy with the guidance of a Pittsburgh-based legal professional opens new doors and gives you the tools to start fresh.

Source: Bankrate, "Ready for a credit card after bankruptcy?," Dana Dratch, accessed Oct. 25, 2016

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