Consider Pre-Approved Offers

After a bankruptcy, you'll get a mailbox full of solicitations for new credit cards. Some of these offers may actually be worthwhile and helpful to rebuild credit. Don't throw them away, sift through the offers and consider the good ones.


Evaluate the Terms Interest Rates

It may be hard to find, but every credit card offer should have listed the APR (annual percentage rate) as well as the annual fee and other terms of the card. Read through these terms, considering all the costs and consider the ones with the lowest costs. Watch out for "monthly" fees, a yearly fee is bad enough, a monthly fee is not acceptable.


Contact your Bank or Credit Union

Although they may not send "pre-approved" offers, many local banks and credit unions may offer their customers credit cards after bankruptcy. Such local banks and credit unions may have much lower interest rates and costs than the big national banks. There's no harm in asking.


Consider a "Secured" Credit Card

Another way to go is to consider a "secured" credit card. This type of account requires you to deposit an amount of money as collateral for the card, but usually also carries lower interest and fees. As you charge on the card, your collateral is reduced and then must be replenished. After certain amount of time, the secured card can usually be converted to an unsecured card (no collateral) once you have a good history of on-time payments.


Consider a Co-signer

If a friend or relative is willing to act as a co-signer, this can be a way to get much better rate and terms. Obviously, that person would have to be comfortable with the arrangement, but this can be very beneficial in that you would typically get a much higher credit limit (assuming the co-signer has good credit).