What could I do to reestablish credit after a ch.13 bk in 2002 and how soon?

Question

What could I do to reestablish credit after a ch.13 bk in 2002 and how soon?

Answer 1

It will take a little time but can be done. Apply for a secured credit card from your bank and use it to build your credit. Here are more tips.

Answer 2

You can and should start re-establishing your credit as soon as your BK is dismissed.

What I did after my chapter 7 discharged back in 2001 was get 2 credit cards and used them for every day things and paid them off in full before the due date every month.

After 12-months of this I bought a new car with no money down at 3.9% interest and got better credit cards I continued doing the same thing for another 12-months and was able to buy a new home again with no money down at a 6.5% fixed rate.

Today all of my scores are well over 750 and I can get approved for anything I want at the very best rates.

Answer 3

As Spiff stated, recovering your credit after a bankruptcy takes planning, and you need to begin as soon as possible.  I tell people to start preparing BEFORE you even file.

There are a lot of things you can do.....I would recommend that you visit http://www.lifeafterbankruptcy.com

This site is dedicated to people trying to recover from bankruptcy.  This is a commercial site that will try to sell you their books and services, but they have a ton of free newsletters and other helpful advice.  So make this for your first stop.

Answer 4

After 7 yrs. it will be off your credit report and no one will know unless you tell them.  Get a credit card, if you don't already have one, and use it wisely.  A year from now, you'll have clean credit.

Answer 5

First get your free copy of all 3 credit reports and make sure all items are correctly listed as per the BK.

Honestly if you have not screwed up any further after the BK in 2002 you should have VERY good credit scores.

Then go to the bank you use for checking/savings and apply for a small loan and pay it off in about 6 months and on time every single month.  

But get the reports and go from there.