How do you fix your credit after bankruptcy?
November 11th, 2009
I know it will take a while. But immediate things you can do to START fixing your credit.
As soon as your bankruptcy is discharged, you will start to recieve, if you have not already, TONS of offers for credit cards and loans. These will be from companies that are usually high-fee/low limit cards and higher interest rates. They do this because they know that you can not file for bankruptcy again for several years.
You should probably stay away from those and go for a secured card. Here you put a deposit of about $300, and they give you a credit card limit to match. The difference between the Secured Card and the cards that charge the fees is that on the cards that charge the fees that money is gone directly to them. A good company for a secured card is Orchard Bank.
When you get the card be sure to never go over 30% of your limit, and pay your bill In Full and on-time every month. After about 6-12 months of a good history you will start to qualify for better cards and loans.
Also, about a month after your bankruptcy is discharged you need to pull your credit report and verify that all your debts that were included in the bankruptcy are correct. If they are not you need to dispute that with the credit reporting companies.
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Posted in How to fix my credit
After a year of filing for bankruptcy, I received credit card offers. This is how I reestablish my credit.
References :
As soon as your bankruptcy is discharged, you will start to recieve, if you have not already, TONS of offers for credit cards and loans. These will be from companies that are usually high-fee/low limit cards and higher interest rates. They do this because they know that you can not file for bankruptcy again for several years.
You should probably stay away from those and go for a secured card. Here you put a deposit of about $300, and they give you a credit card limit to match. The difference between the Secured Card and the cards that charge the fees is that on the cards that charge the fees that money is gone directly to them. A good company for a secured card is Orchard Bank.
When you get the card be sure to never go over 30% of your limit, and pay your bill In Full and on-time every month. After about 6-12 months of a good history you will start to qualify for better cards and loans.
Also, about a month after your bankruptcy is discharged you need to pull your credit report and verify that all your debts that were included in the bankruptcy are correct. If they are not you need to dispute that with the credit reporting companies.
References :
http://www.orchardbank.com
what ever u get like a loan or a credit card, pay on time and u should be fine
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If you have bad or no credit and have no credit cards try to obtain two credit cards and make sure all of your monthly payments are made on time. This will help increase your credit score. If you cannot be approved for a unsecured credit card, obtain a secured credit card.
References :
http://www.consumerbadcreditguide.com/repairingcredit.html
i think it would look bad after bankruptcy
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