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Rebuilding credit after bankruptcy

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Elijah
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Subject: Rebuilding credit after bankruptcy
 
Posted on Wed May 26, 2010 4:36 am  

Hi,

I have a question about credit repair after bankruptcy. Is it possible to start building new credit after bankruptcy, or do bankruptcies have to be really old before starting to repair your credit?

I filed a chapter 7 last year, and it was discharged early January. It is such a relief to have all those headaches gone and now I'm eager to start rebuilding my credit. Is there any tips, or any help with where to start would be greatly appreciated. Can I get a loan?

Thanks.
goodnatured



Joined: 03 Nov 2007
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Posts: 3931



490 Magic Points

 
Posted on Wed May 26, 2010 4:42 am  

You should be able to start building your credit at this point, you may have to pay the higher intrest rates because you have that scar on your credit report right now though.
Aaron

Aaron

Joined: 08 Feb 2010
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Posts: 2632



48565 Magic Points

Subject: rebuilding credit after bankruptcy
 
Posted on Wed May 26, 2010 8:22 am  

Hi Elijah,

It is common belief among the people that one will not be able to get new credit, and rebuild his credit after bankruptcy. However, the truth is that you can get credit after bankruptcy, and can try to rebuild good credit.

Try to get a secured credit card first, and make small purchases using the card. Then make on-time on these. This will help you in rebuilding your credit. After some time you can try to convert this card into an unsecured one. Secured cards are easier to get. If you can't seem to get one from the market, you can join a credit union to get a secured card.

Thanks,

Aaron
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cinnamngrl



Joined: 01 Nov 2008
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6413 Magic Points

 
Posted on Wed May 26, 2010 11:10 am  

the bk will report for 10 years.

there are a lot of companies out there that would like to make money off you by charging fees and high interest to offer you credit.

the important thing is that you take good care of yourself and work out a budget that you can afford.

your credit limit does not equal your personal worth.
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