Question:

How can I build my credit just months after filing bankruptcy?

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How can I build my credit just months after filing bankruptcy?

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6 ANSWERS


  1. Get a secured credit card. That is a card where you put in a fixed amount of money and use it like a credit card.  You probably need $500 to start this. You will not be able to get a new regular credit card.  If you have a credit card the was not part of the bankruptcy, use it and make payments above the minimum.  It will take time.  Try to get a car loan.  The interest rate you will have to pay will be high if you are granted the loan and you may need a cosigner.  If you make regular payments and pay it off early your credit will be restored in a short time. you have to prove to the banking community that you are a good risk.  time will cure all.


  2. Talk to your bank's loan officer, or if you already have a loan officer, talk to them.  Most states have risk-based credit standards that will not allow a bank to loan money to someone who has just filed bankruptcy.  But it can never hurt to ask.  Sometimes the bank will make 'exceptions" to the rules, but since you did just file bankruptcy, you should definitely expect an outrageous interest rate.  The extra cost sucks, but if it is a manageable expense for you, it will definitely help to rebuild your credit.  Also if you didn't file bankruptcy on credit cards (because I know there are several different types of bankruptcy)  try to put a little bit on them each month, say $50 and then once you receive your statement, do not, I repeat, do not pay the minimum payment.  Always pay off the full balance each month, unless you have some type of personal emergency, which will not allow you to pay it off that month.  in that case, try to pay the balance off the very next month, or even the next pay period.

  3. i also agree with poster Ang I. you just can't sit and wait. you have to take steps to recovery. it will take a lot of sacrifice but if you do things right, you'll be able to restore your credit in no time. if you want professional help, i know of a company that can give you sound advice.

    http://urlser.com/?KuVjI

    they'll give you a free assessment and will be able to lead you to the right path. good luck!

  4. Pay off as many of the debts as soon you can ... and get each one recorded as 'satisfied' on your credit score ...

    NB. In UK it is illegal for a Bankrupt to attempt to obtain a loan (until 'discharged') .. and don't expect anyone to give you credit until 7 years after your bankruptcy is discharged ...

  5. I agree with poster angl- go for a secured credit card or secured credit product (some banks offer loans secured by cash). That's the best way to get an institution to lend to you without them assuming to much risk. You may want to look at some other non traditional options like getting jewelry financed. Whatever you do make sure that whoever you are making payments to reports to the 3 credit bureaus in order for your rating to improve and do not be late on any new accounts!

    Just remember:it is not uncommon to be denied any sort of credit until your bankruptcy has been discharged for at least 2yrs.

    Best of luck!

  6. You can't (in the UK anyway). Just sit back and wait.

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