Do Your Own Taxes - Fee from Refund
Bankruptcy
Claiming Social Security Disability


Death & Taxes

We have Information to Help You with Either


Got Question for a CPA Mom?


IRS wants you to retire Financially Free!     We will answer your questions and give you options about how to become Financially Free when you retire

Tax answers/options when you sell your Home.      We will answer your questions about the tax free home sales and give you options on tax free exchanges

So, You got a letter from IRS?  We can help.    Letters from IRS are scary. We will answer your questions at no charge.

S-Corp, LLC, C-Corp, Partnership - Your Choice?    Selecting the correct Business Entity is confusing.  We will give you the tax options of each Business Entity.

How not to pay taxes when you sell income property.    We will explain how to do a tax free exchange & not pay taxes when you sell your income property.

To pay for Services - Please click on Paypal Logo below

FREE 2008 CPA Moms Tax Review Details
Divorce & Taxes
Offer in Compromise
Installment Payment for Taxes
Credit Reports
Social Security
Do Your Own Taxes - Fee from Refund
Deliquent Tax Returns
Garnishment
Retirement Planning
FREE 2008 Tax Return Review Details
CPA Moms Master Index
Alimony Deductions
Moving Deductions
Contribution Deductions
Job Hunting Deduction
Education Deductions
Adoption Deductions
Medical Deductions
Mileage Deductions
Car Donation Deductions
Bad Debt Right Off
Hybrid Cars Deductions
Educator Deductions

 


Bankruptcy Credit Card: How Choose One
R. Lawrence Anderson

There are many credit card issuers out there promoting what some people refer to as "bankruptcy credit cards" - that is, credit cards for people who have a bankruptcy on their credit report.


Of course, these credit card issuers target individuals with poor credit in general, not just those with bankruptcies - but for the purpose of this article, we will use the term "bankruptcy credit card".


Most of the bankruptcy credit cards you see advertised are secured credit cards. If you are not familiar with a secured credit card, it's "secured" by a special savings account you establish with the issuing bank which acts as collateral for the line of credit you receive with the bankruptcy credit card.


So how do you go about choosing a "secured" bankruptcy credit card? The first step is to come up with a list of criteria. In After Bankruptcy Credit Solutions I cover eight criteria you can use. When I apply the eight criteria, only a handful of bankruptcy credit cards are left - so it narrows it down to the better ones quickly.


There's not enough space here to cover all eight of the criteria I use when selecting a bankruptcy credit card, so let's focus on a few of them as a starting point:


1. Has Reasonable fees


What's reasonable? Well, while researching some bankruptcy credit card issuers I came across one that charged a $120 application fee. Compare this to a number of others that charge no application fee at all! But that's only part of the picture -you also want to make sure the bankruptcy credit card issuer offers an interest rate that is competitive with other issuers. This where comparison shopping, and making sure you are aware of every fee the card issuer charges, is critical.


2. Reports to the major credit reporting agencies


This is very important - if you want to rebuild your credit history, make sure the issuer of the bankruptcy credit card reports to the major credit reporting agencies: Experian, Equifax, and Trans Union. You also want to make sure the information is reported a certain way - in After Bankruptcy Credit Solutions, I go into detail on this.


3. Reports credit limits


Why is this important? If the bankruptcy credit card issuer does not report your credit limit, this could lower your credit score with some credit scoring models because they may automatically assume you are at your limit - even if you are using only 10% of the available credit line.


We've only touched on three of the eight criteria I cover in After Bankruptcy Credit Solutions. But, at the very least, it should give you a starting point when it comes to choosing a bankruptcy credit card.


Copyright 2006 Innovative Solutions Publishing, Inc. All rights reserved.


The company and product/service names referenced in this article are the trademarks, registered trademarks or service marks of their respective owners. None of the owners have sponsored or endorsed this article.


DISCLAIMER:


This information is designed to provide only a general overview of the subject matter herein.


This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.


Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.


R. Lawrence Anderson is author of After Bankruptcy Credit Solutions, which shows individuals how to qualify for credit and loans after bankruptcy - including how to select a bankruptcy credit card.

 


 

 

Main Menu

Recorvery Rebate Credit
Mileage Deductions
Car Donation Deductions
Bad Debt Right Off
Hybrid Cars Deductions
Tax Cash Today at Western Union
CPA Moms - Services Offered
Tax Preparation
Electronic Filing
FREE IRS Forms
Enrolled Agents
Tax Moms
Recovery Rebate Credit
CPA Moms
Representation before IRS
Non Profit Tax Services
Accounting
Bookkeeping
CPA Loan Letter
$7500 Downpayment for your Home
Offers-in-Compromise Home Page
Latest Offers-in-Compromise
Offers-in-Compromise Articles
Additional Resources
Want to Joins theTax Moms?
Questions for CPA Moms?

About Us  ......  Disclaimer ..........           Copywrited 2005  - 2006 & Developed by  Tax Net Inc