You may apply for an after bankruptcy credit card as soon as you receive your discharge from the bankruptcy court. These cards are either totally or partially “secured” by your own funds. You will make a deposit with the card issuer for an agreed-upon amount, usually around $300-400, after which you will receive a major credit card, VISA or MasterCard, with a credit limit equal to or slightly higher than your deposit amount. If you make all required payments on time for 6-12 months, your credit limit will normally be increased, giving you more unsecured credit. While the interest rate is quite high and some of your funds are more or less “frozen”, this is a perfect way to quickly reestablish your credit after bankruptcy.

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