I've been researching secured credit cards since I'm about to file bankruptcy soon and want to know what my options are for the rebuilding process. The problem is I've come across many a secured card that says you can't open an account with them if you have a bankruptcy on your report. Why is this? I thought the whole point of a secured card was that you are no risk to the bank since your credit limit is secured by the money you already put out up front. So why can't you have one with a bankruptcy on your report? And if so, how are you supposed to rebuild your credit then? Thanks so much!
I understand what you are saying that there is no risk to the bank, but the banks all have their own rules. Perhaps a credit union in your area would be more flexible in this regard and would be willing to set up a secured account for you
