I did not have credit card debt, but now how do I get a credit card to establish credit?
2006-07-25 10:57:14 · 7 answers · asked by BmoreBabe 2 in Business & Finance ➔ Credit
NOT only have I been there myself, but I also work in the credit and financial fields. So I have alot of experience in rebuilding credit!
The first thing you do after your bankruptcy is discharged is to open a secured credit card! Check out the link below for great cards to help with that. Once you get your credit card setup, its time to break old habits. For me, I would max out my cards right away. Don't do that. Only charge a small amount each month on the card (one tank of gas maybe). Then when your bill comes in pay it off. Since the credit card company ususally reports your balance the same time they send your statement, the credit bureau will always see the small balance. But by paying it off, you are never in debt.
This will keep your debt ratios down, your payments on time and go along way towards rebuilding credit. After 6 months, you may qualify for an unsecured card in which you do the same thing. But don't kill the secured card yet. The goal is to get at least 1-2 cards with a 24 month history on your report. Then you can kill any "unfavorable" cards.
For more details check out the links below.
2006-07-26 02:50:33 · answer #1 · answered by Anonymous · 1⤊ 0⤋
I would recommend getting a secure credit card that makes a point to report to all three credit bureaus on a monthly basis. A secure card would be very hard to reject as you are putting up collateral for your credit limit. Then pay your bills on time and your credit score will begin to rise. I also recommend paying off the balance in full each month to avoid finance charges.
2006-07-25 11:02:34 · answer #2 · answered by Ѕємι~Мαđ ŠçїєŋŧιѕТ 6 · 0⤊ 0⤋
they should be firing offers into your mailbox you within a week or two.. the better question is, why do you want credit? to get right back into the same problem?
and no, you don't have to wait 7 years. they know you cant chapter 7 on them again for 7 years, so they've got you by the short & curlies if you screw up again.
2006-07-25 11:01:02 · answer #3 · answered by kvuo 4 · 0⤊ 0⤋
U MAY HAVE TO WAIT 2 YRS, HOWEVER U MAY HAVE TO TAKE A HIGH INTEREST CC UNTIL U QUALIFY FOR A LOWER INTEREST! GOOD LUCK.
PS SEE IF U HAVE A FINANCIAL COUSELOR IN UR AREA THAT U CAN SIT DOWN AND TALK WITH ABOUT UR SITUATION!
2006-07-25 11:02:19 · answer #4 · answered by KISH KISH 2 · 0⤊ 0⤋
I've written an article about this on my blog. The link appears below.
2006-07-26 03:29:29 · answer #5 · answered by Carl 7 · 0⤊ 0⤋
you have to waite 7 years
2006-07-25 11:00:45 · answer #6 · answered by Orselo 2 · 0⤊ 0⤋
AFTER THE COURT HAS HEARD YOU CASE AND YOU GET YOUR PAPERWORK, YOU WILL START GETTING OFFERS IN THE MAIL... JUST WAIT FOR THE ONE WITH THE LOWEST ANNUAL FEE...
2006-07-25 11:01:21 · answer #7 · answered by Anonymous · 0⤊ 0⤋