when u file a bankruptcy do u still build a credit score?

Answer 1

Yes, but it starts out as a real poor one. It has taken me 5 years just to get my credit score to almost fair. You may have to end up getting a credit card with a membership fee and a high APR to build your credit. Use the card a little and pay off the bills on time. After 7-11 years the bankruptcy will be cleared from your records so your credit score will improve by then.

If you get a Credit Card don't cancel it, that can be bad for your credit rating. Gas Cards and Store Cards are good to get, but you will have to wait some time (say 1 year) before you can start applying and any have hope of getting accepted. Don't apply for too many credit cards at once or that can be bad for your credit as well.

Once you get a decent Credit Card, leave a little balance on it, but pay more than the minimum and pay on time. After a while the credit card company will increase your credit line. The most important thing is to pay at least the minimum payment each month and pay it before the due date. A regular pattern of this will get other credit card companies to consider you as a good risk.

Answer 2

bankruptcy has a tremendously negative impact to your credit score & remains for credit agencies to report for 7 years after it's been filed. So it's a major DING. There are some ways that folks in this situation can begin to rebuild their credit score. I work in a financial aid office & federal student loans have no credit requirement, so when those are paid on time it can be a real positive. Parents can sometimes get a parent loan w-a coborrower (if approved) & do the same thing

Answer 3

I used to work for a credit card company. Bankruptcy should be last resort when credit counseling, payment plans, and other options do not work. Also be leary of any car dealer or seller that tells you that buying an item will increase your credit score. Often the car sale or other item is at a high interest with high payments and your score will not increase until you pay off the debt.

Answer 4

Yes. As soon as your bankruptcy is filed, any credit extended will affect your score. In most cases of Ch. 7, credit usually isn't extended from anyone until the bankruptcy has discharged from the courts.

Answer 5

Yes, a poor one. Your bankrupcy will probably show all your debts being charged off. Which is very bad. You need to prepare in advance because it is unlikely you will be able to get new credit for about 2 years. You may be able to get a card that is secured, but they charge really high fees and basically are really difficult to work with and they will make you put up money before you can use it to "secure" it. The funny thing is that they may even charge you late fees even though the money you are using is your own like a debit card. The bankrupcy will stay on your report for 7-10 years!
You can find more information on the web. I searched and found this information below.
Good luck!