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tnnt54
Joined: 19 May 2009
tnnt54's page
Posts: 1
25 Magic Points
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Subject: after bankrupcy ,how can I REBUILD MY CREDIT SCORE .
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Tue May 19, 2009 2:45 pm
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I need to buy a car. I also need to get a credit card to show lenders that I can pay it off. MY x LEFT ME WITH BAD DEBT AND I WAS ABLE TO PAY 25% OFF BY THE AID OF CHAPTER 11 WHICH I NOW HAVE MY DISCHARGE PAPERS.I AM ASKING FOR HELP TO GET BACK ON THE RIGHT PATH.
THANKS MS B GILLS |
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rachael
Joined: 11 May 2009
rachael's page
Posts: 244
6581 Magic Points
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Subject: Rebuild Credit Score after Bankruptcy
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Wed May 20, 2009 3:45 am
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Hi tnnt,
I understand that you have been through hard times. Here are a 6 simple tips to follow to rebuild your credit score after bankruptcy:
!) Pull out your Credit Report from all the three credit bureaus and review whether all the negative listings have been accurately reported.
2) You can dispute any negative remark that has been wrongly reported. Please visit the following link to find a sample of a dispute letter: http://www.creditmagic.org/repair/dispute-letter.html
3) As it will be difficult to get an unsecured credit card after bankruptcy, you can get a secured credit card. A secured credit card is one in which you deposit cash to the credit card company. The amount you deposit is your credit limit.
4) Pay back the monthly dues on time. This will improve your credit records.
5) You can also obtain small credit card accounts, like a gas card, and improve credit history by making timely payment.
6) Save as much cash as you can.
What I feel is, you should wait for few months before applying for a auto loan. Within that time period try to improve you credit score, so that you qualify for a loan at the best possible rates of interest.
_________________
Looking forward to a debt-free life. |
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Firang
Joined: 28 Apr 2009
Firang's page
Posts: 58
-25 Magic Points
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Wed May 20, 2009 6:26 am
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After bankruptacy it is little bit difficult to go for fresh credit card specially the secured one so i recommend you to go for the secured debit card.
Do you (or your parents) have any immovable property? if it is then you can either go for better credit card where you can state that you have some immovable property as assets.It will help you in building the credit score.
keep us informed. |
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