Before you accept a new credit card, there are a few things you need to know and to consider:
- Don’t accept too many – Be selective about the cards you choose and don’t have too many at one time. There is rarely a good reason to have more than one or two.
- Beware the Subprime – Sometimes lenders will offer you subprime cards instead of turning you down for bad credit. Generally these subprime cards have high interest rates, expensive fees, and low limits. Avoid those that “help” bad credit (take for instance the cards offered on Bad Credit Offers site) because these can often make your credit worse than it was to start with. Use a trusted source like Consumer Reports to compare credit card offers. There are also lenders that offer you a new card, but add the old debt to the new account. If you have filed bankruptcy and wiped out credit card debt, this action would be a violation of your discharge and you should notify your bankruptcy attorney right away.