If you want to quickly establish good credit, a secured credit card is a choice a lot of New Yorkers make after a bankruptcy.
While most credit cards are what are known as “unsecured credit,” a secured credit card is backed by money you deposit into an account.
The bank is protected from risk, and you are able to purchase goods on credit and make monthly payments as you would with any other credit card.
This approach is very helpful for individuals who’ve declared bankruptcy because it’s a quick way to build new, positive credit.
Once you’ve made payments on the secured card for a period of months, your credit score will improve, and you can apply for other types of credit, further boosting your creditworthiness.
If you’re considering bankruptcy and how to move on from it, call the Queens bankruptcy attorneys at Zelenitz, Shapiro & D’Agostino today at 718-599-1111.