What it the best way to rebuild credit after bankruptcy?

Question

My wife and I have no home mortgages, car loans, credit cards or any type of debt. We make about $50K a year.

Answer 1

start with something small like jewelry stores but only jewelry stores...  to rebuild your credit then move on to a credit card.  1 credit card always pay it on time or in full never delay on payments...

then move to a car with only a 3 year contract or 5 always pay on time and if you can pay it off in 2 years if it is a 3 year and 3in half years if it is a 5.. but limited your self to what u want and can afford i don't think you want to bankruptcy again..  

Answer 2

The Chapter 7 notation will remain on your credit reports for 10 years from the filing date. That being said, you don't have to wait that long to start rebuilding your credit.  As the bankruptcy information ages and you add new, positive information, your creditworthiness will improve.

To begin the process of rebuilding your credit, get a secured credit card.  You make a deposit into a savings account with a bank to secure a line of credit.  The credit card company then issues you a card and a line of credit for at least the amount of your deposit.  To get a list of major banks that issue secured credit cards, visit one of the first four sources below.

Answer 3

Get a secured or unsecured loan for 24 months and pay it back in 12. If you start applying for credit cards again, you might fall into the trap that got you in trouble in the first place

Answer 4

you have to buy something that gives the banks collateral.  Like a car.  If you dont pay, they can still take the car back.  So, they will not lose much if you default.  And if they dont approve of the loan, you can always "up" the down payment.  Just make sure that you implement a payment plan that takes a couple of years to finish.  Dont rush to get the payments done as quickly as possible.  And PLEASE....when you are rebuilding your credit, do not be late on any payments.....just do everything on time......if you percieve that your payment is going to be late.....just call them up and tell them that you had a problem with....your ASDFDF but you got it taken care of,...and payment should be there in a day or two....

Answer 5

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Answer 6

Carefully.  Now that you have no debt, go ahead and accept the best of the many offers for cards you get in the mail.(They love you now that you have no debt.) Don't go crazy.  Don't go out and quickly charge up to the limit, which will probably be pretty low with a very high interest rate.  Leave around 2/3 of the limit open and pay about 30 per cent of the balance off monthly. If you pay in full every month you won't build a new credit history.  Watch out!  The trap is as you make your payments in a timely manner the credit card company will keep increasing your limit.  Before you know it you are back in the same old trouble with no bankruptcy option to consider. Good luck.