Some people who are recovering from bankruptcy have trouble improving their credit score. One strategy for improvement is to obtain a secured credit card.
Secured credit cards are based on collateral in a bank account. In other words, if someone obtains a secured credit card, that person’s credit limit will equal the amount in a checking account or other related account.
In most cases, using secured credit cards and then making credit payments on time will improve a person’s credit score. Once a person’s credit score improves, that person will be more capable of borrowing money.
If you or anyone you know is considering filing for bankruptcy, contact the Birmingham personal bankruptcy lawyer Paula Greenway at (205) 324-4000.