How can a person who has already filed bankruptcy build there credit score up.?

Answer 1

Why would you want to?
The fact that you had a bankruptcy shows that for some reason you were unable or unwilling to repay an obligation that you legally owed.
In other words, you took some money from somebody and didn't pay it back.
If it was your money, would you re-loan your money to somebody that you knew had a history of not paying it back?

That's what you are going to run up against.

If it was so hard to handle credit the first time around, then maybe taking a fresh look at spending habits is a better option than looking at ways to get right back in the same system that you had problems with the first time around.

Answer 2

First, stay FAR away from companies who offer you credit - no matter what...some like 1st Premier will give you a 200 or 250 card but it has a balance of 172 (interest) the day you get the card!!! and then they want 70 a year to keep it! A 200 or 250 credit card like that will not help your score anyway.

What you need to do is have a bit of patience and save some money for a secured card, like others have said, but get one with a higher limit - like $1000 so that it reports that you have lots of credit available and use very little. Pay in full each month.

Credit score is based on how long you have been on the bureau, how many accounts you have open, their limits and balances and the payment histories. So, opening an account and not using it will not satisfy proof you can pay for anything or raise your score significantly.

You will end up a higher risk when you try to buy a house or car so the most important thing you can do is establish the willingness, responsibility to pay on time and consistent payments which means you must use and pay each and every month.

Try opening a savings account attached to your checking account at the same bank as you get a secured card. Each time you use the secured card, transfer money from checking to savings so that when the bill comes for the credit card, the money is already in savings. No interest, no fees, good credit. Better than that, make the credit card payment MINIMUM set up as an auto payment from checking so that you are NEVER late and then just transfer the balance from savings when you get the statement.

Your next potential creditor will be impressed that the credit is being used and paid for consistently proving you have corrected the problem that landed you in bankruptcy. Creating this will get you further than an increase in credit score alone...

Answer 3

You could go to a local bank and ask them if they have a secured credit card. If not, there are national companies who do have secured cards. You make a deposit equal to your credit limit. Most will require about $500. You don't need to make large purchases but making purchases and paying it off when you get the bill can start you on the road to rebuilding your credit. You can also make a deposit in a savings account at a bank and get a loan using the money as collateral. You will need to make at least 6 payments before paying it off for it to do you any good on your credit report. If you need a car, you may be able to get one financed and as you make payments on time, your credit will gradually improve. If you are unable to get one finance through conventional channels, you may be able to get one through a buy here pay here lot. You will pay a premium price for the car, but some report to the credit bureau. Don't accumulate debt for the sake of debt or to improve your credit. You only want to buy a car if you really need one. The last thing is to buy a house. If you have recently gotten a discharge, it may require more time passing before you can qualify. The main thing that will help build your score is time. The longer time passes after your bankruptcy the higher your score.

Answer 4

1. Get completely through the bankruptcy (all debts have been cleared).
2. Attempt to get some type of credit card and pay it IN FULL EARLY EVERY MONTH. Just one or two charges per month, nothing more (you don't want to get in the same trouble you had before).
3. In time take on a different card, or a car loan or different type of loan and pay it in full, early every month.

I however would throw out another option. Screw credit score, live your life based on what you make. I.E. If you can't afford it don't buy it. I'm sure going through bankruptcy made you feel pretty worthless. Why would you want to go through that again? If you start trying to "build your credit" you are already heading down that path.

Answer 5

Look up some credit cards for bad-credit or fresh bankruptcies on-line. You can find plenty. Although they may start you out with a low credit line. But only use - no more than half of what they offer. Make more than just the monthly required payment. You can DO IT!

Answer 6

Try getting a secure credit card. If you don't know. It is a credit card which you have to deposit a certain amount of cash in an account. Then you can use the card. Just make your monthly payments when you use the card. The money you put up is a security deposit for the card. If you miss any payments you are screwed. It may take awhile to repair your credit. But it can be done. If I can do it anyone can.

Answer 7

A secured credit card, one that you pay money into like a bank account, would probably be best for you. Ask about them where you bank. Since you secure it with your own money, its hard to get into trouble with them.