How to build Credit after Bankruptcy?

Answer 1

Yes you can, but it will not be that easy.

Not only do you have no credit, you also have bad credit and will need to pay higher fees and rates in orderto be accepted.

I would suggest starting out with a secured card (I like Eufora Credit Builder http://www.goeufora.com/418121496892 )

Then I would open a secured loan with your bank but make sure it reports to the credit bureaus or it will not help you.

Then I would suggest finding at least one person that trusts you and has good credit, and ask that person to add you to a credit card they have. It is called piggybacking. All of the positive credity history that persoan has with that account will be added to your credit and could help you substancially.

Now that you are rebuilding, why not go all the way?

You can remove the bankruptcy off your credit reports, but it will take time and a whole lot of persistance. Disputing the bankruptcy with the credit bureaus can be frustrating but it does work.

Here is a website that ofers a free credit repair kit and they also offer the service: http://www.expert-credit-advice.com/

You should attempt to do it yourself because it is not that hard to do, again it just takes time and persistance.

Answer 2

The easiest thing would probably be a secured credit card. There are national companies who do these, but some local banks may do them as well. If you go this route, you will need to make a deposit and the amount of the deposit is your credit limit. You will not be able to charge more than your deposit. Don't charge more than you can afford to pay off each month. It isn't the amount of debt, but how you handle it. Keeping credit card debt under 25% of the limit is best. A debit card would be best, but won't affect your credit rating. Some car dealers will finance a car for you, if you need one. There are also lenders who specialize in making auto loans to those who have had credit problems. Be prepared for a high interest rate, but if you make your payments on time, it will have a positive impact on your credit rating. A mortgage is another way to rebuild your credit. You may be able to qualify after a couple of years from the discharge of your bankruptcy. Time is the main thing which will affect your credit score. The more time that passes, the better your credit score.

Answer 3

Start with a secured credit card. You will need to open the account with a savings deposit which they will hold as security for your credit card. After about 6 months you will start getting other offers for credit. Take only what you can afford and over 1 year you can build a decent score again.

Here is some additional info. Hope this helps.

Answer 4

You will need to partner with businesses that report to all three credit bureaus without checking your credit. Get a secured credit card from New Millenium Bank. No credit check. Take your debit card and use it at Target. They often times give preapproved credit based on your usage...again, no credit check. Look up Crown Jewelers on the internet. They also offer a line of credit usually up to $1,500 if you make a small purchase. Again, no credit check. Keep the balances low and pay on time. With 2-3 new positive trade lines (TLs) you're on your way to better credit.

Answer 5

Slowly, get secured card(s), build every chance you get. I've seen many people build a strong credit history in (2-3) years. The BK it hurt the most the first year...after the 2nd you'll be on your way. You will have to use sub-prime cards for a while...you'll have to wait 5-6 years for Prime cards like Citi, BOA, Chase, Amex etc...but when it's gone you'll be ready

Answer 6

A secured Credit card or a debit card is the key to your problem

Answer 7

Check out a site called http://www.lifeafterbankruptcy

This site has lots of info that will help you get your credit back. Lots of reading but it's worth it.