How can I build my credit once more after bankruptcy? 15 Answers as of June 06, 2012

How can I build my credit once more after bankruptcy?

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Law Office of Susan G. Taylor
Law Office of Susan G. Taylor | Susan G. Taylor
Buy things on credit (car, house, using credit cardseven if you have to get secured ones), always pay on time, & pay a bit more than the minimum payments.
Answer Applies to: Texas
Replied: 6/6/2012
Olson Law Firm | Edward M Olson
You should have a plan in place, before you file, to improve your credit score. You should discuss this with your attorney to come up with a plan that will work best for you.
Answer Applies to: Michigan
Replied: 6/5/2012
Ashman Law Office
Ashman Law Office | Glen Edward Ashman
If you paid attention in your required second class, this was covered.
Answer Applies to: Georgia
Replied: 6/4/2012
Lynn Boak, Attorney at Law P.C.
Lynn Boak, Attorney at Law P.C. | Ethelyn (Lynn) Boak
You must build it back the same way you built it when you were young. Borrow small amounts and pay them back until you build up enough trust to borrow larger amounts. Many creditors know that you can't file again for 8 years, so they may be more willing to advance credit after you've been discharged. The bankruptcy code requires debt and credit counseling, so you end up learning how to more responsibly manage credit as part of the experience.
Answer Applies to: Wyoming
Replied: 6/4/2012
Law Office of D.L. Drain, P.A.
Law Office of D.L. Drain, P.A. | Diane L. Drain
Bankruptcy is the hardest financial decision you'll ever face. It can be a fresh start, or it can be the start of the biggest financial nightmare ever, whether or not you ever want credit again. To make sure you truly get a fresh start after bankruptcy, follow these "Do's and Don'ts": DO: * Get copies of your credit reports from all three major credit bureaus and make sure the accounts that you included in your bankruptcy are listed as discharged. * Get a secured credit card - but make sure the card issuer reports your payments, offers a grace period, and doesn't report your card as secured. * Set up a DebtBuster Strategy for your undischarged debts - and pay them off as quickly as possible. *Wait two years before applying for a mortgage or car loan to get the going interest rate. *Call a credit counselor and cut up any new credit cards if you find yourself carrying balances again. * Take steps to heal your relationship with money so you break the cycle that got you into debt. DON'T: * Jump at every credit offer that's mailed to you. You're better off seeking out a good secured credit card on your own. *Reaffirm debts that aren't essentials - only reaffirm debts on your car, but only if absolutely necessary. * Let future creditors shame you into paying a higher interest rate because of your bankruptcy. Once you've paid regularly on a secured card for two years, you're eligible for the going interest rates for car loans and mortgages. * Take out a car loan for longer than two years - there's too great a risk of becoming "upside-down" on your loan, owing more than the car is worth. Only buy as much car as you can afford. *Go to "bad credit - no problem" lenders or take out "payroll advance" loans. These creditors will bleed you with outrageous interest rates. * Allow the mistakes of the past to determine your financial future. Unless we learn from our mistakes, we're doomed to repeat them. Even events that are out of our control contain valuable lessons that we can use to create the lives we truly desire. You can be your own worst enemy after bankruptcy, or you can be the best guide you've ever had. Follow these tips and you'll soon be back on your financial feet.
Answer Applies to: Arizona
Replied: 6/1/2012
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    You can start with a small secured card. Use it carefully.
    Answer Applies to: California
    Replied: 6/1/2012
    Attorney At Law | Harry D. Roth
    The best answer is to remember what you did before bankruptcy and do the opposite. But that is facetious and maybe a little mean. A more complete answer is that the most important things are to have a consistent income as high as possible, minimal outstanding bills at any one time and never a delinquency. You can affirmatively contact credit reporting agencies if they do not take old bills, the one you got rid of in bankruptcy, off your credit report. You can open a secured credit account, which means you deposit money into a savings account and let the bank hold your money as "security" for your payment. Then treat the card gently. Only buy things you would buy anyway, like gasoline and groceries and only when you could have paid cash. Then when the bill comes, pay it in full. Keep your balances on all accounts low, well below the credit limit. Don't file a lot of applications for credit. Remember that in the larger scheme of life, your credit score is not what counts. What counts is being able to get what you need when you need it and at a reasonable cost, including credit. Don't overextend. Save aggressively. Remember that your credit score is just a number and it is not a measure of your worth as a human being.
    Answer Applies to: California
    Replied: 5/31/2012
    Law Office of Pho Ethan Tran PLLC
    Law Office of Pho Ethan Tran PLLC | Pho Ethan Tran
    You can build your credit by applying for a car loan or a prepaid credit card.
    Answer Applies to: Texas
    Replied: 5/31/2012
    Diefer Law Group, P.C.
    Diefer Law Group, P.C. | Abel Fernandez
    You need to use credit again. To rebuild credit you need to use credit and pay it off. You cannot incur too much debt but you can use it and pay it off.
    Answer Applies to: California
    Replied: 5/31/2012
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    After filing bankruptcy pay all bills on time. Start saving money. Obtain a secured credit card; after a year your credit limit will be increased and it no longer will be a secured card in most instances.
    Answer Applies to: California
    Replied: 5/31/2012
    Rosenberg & Press
    Rosenberg & Press | Max L. Rosenberg
    A secured credit card which has a limited balance that is attached a bank account will immediately help build your credit. Also paying off your debt for the bills come due will also help build your credit. Also getting a person to cosign on the loan or a debt likewise help build your credit.
    Answer Applies to: Connecticut
    Replied: 5/30/2012
    Law Offices of David H. Relkin
    Law Offices of David H. Relkin | David H. Relkin
    I am assuming that you did a Chapter 7, since if you filed a 13, the credit card companies would have bee paid off. The only realistic way to improve the score is to get a pay in advance card. You deposit a certain amount with the credit company and they give that much credit. After about 6 months you should be able to obtain a credit card, only master or visa will take it, with a small amount of credit. You have to dig yourself out.
    Answer Applies to: New York
    Replied: 5/30/2012
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    You will get credit card offers right after your discharge, although probably at high interest rates. Take one or two credit cards with low credit limits to use for 6 to 9 months to show that you pay your creditors again and you should be fine. When your credit scores get higher, cancel the high interest rate credit cards and get some normal rates again.
    Answer Applies to: New York
    Replied: 5/30/2012
    R. Jason de Groot, P.A
    R. Jason de Groot, P.A | R. Jason de Groot
    By applying for credit with a bank that will give it to you, and paying on time.
    Answer Applies to: Florida
    Replied: 5/30/2012
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    Yes it is possible to build a good credit rating following a bankruptcy. There are means and methods by which this can be accelerated and I would suggest that you discuss this matter with your bankruptcy attorney. If you're asking this question pre- bankruptcy, it is all the more important that you see an attorney now and prior to the time you take any action which might be irreversible.
    Answer Applies to: Michigan
    Replied: 5/30/2012
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