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You completed your bankruptcy and saw all your unsecured debts discharged. So what comes next? It should be working to rebuild your credit. One of the best ways to do this is with a secured credit card. This is where you go to a local bank or credit union and give it some amount of money to hold. The bank or credit union then gives you a credit limit equal to that amount of money. For example, if you were to give the bank $500 you would have a credit limit of $500 on that card. Before you sign up for the card and put down the $500 or whatever it's important to ask if the way you use the card will be reported to the three major credit bureaus. If not, find a different bank or credit union. This is because if you handle that card sensibly you want this reported to the credit bureaus as a way to begin rebuilding your credit. You should also ask how soon you could increase the limit on the card. You're going to eventually want to deposit more money on that card to increase its limit. The math is simple -- the higher your limit and the lower your balance, the quicker your credit score will improved.
Once you have filed for bankruptcy, you may begin to receive offers for unsecured credit cards. This means that you could open the card without giving the financial institution anything. As you might guess, the higher the limit the better. But do be careful about upfront fees. And again you will want to know whether or not the way you handle a card will be reported to the three credit bureaus. Finally, it's usually very easy to get a retail or gas credit card after bankruptcy and use it – again sensibly – to help rebuild your credit.