Q:
Hello,
I had some questions in regards to credit cards. My wife and I had filed bankruptcy a while back. The bankruptcy was a Chapter 7. We got ourselves in trouble with credit card debt, but I am aware credit cards are necessary for good credit. How many credit cards should I apply for, and what type of credit card should I apply for with challenged credit. I pulled a credit report at your site, and our scores are in the low 600’s. Thanks for your help.
Tim

A:
Hi Tim,
This is a common question we get. Your overall credit score has many parts to it. Type of credit is 10% of your overall credit score. We always recommend a couple of credit cards to get the ball rolling. Most lenders like to see around 3 lines of credit reporting on your credit report for about 12 months or more. With good payment history your scores will go up. As far as what type of credit card, I would recommend trying to get a couple of our sub-prime cards. Below are some links to some good sub prime credit cards to get you in the right direction.

CreditScoreQuick.com

CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness.

This entry was posted on Wednesday, June 4th, 2008 at 12:04 pm and is filed under bad credit credit cards, credit cards. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.