And what credit card company is the best to apply for?
2007-02-03 12:59:00 · 9 answers · asked by sickntyred 5 in Business & Finance ➔ Credit
Just 1 to help re-establish credit
2007-02-03 13:10:18 · update #1
Aspire Visa, Orchard Bank or opening a secured credit card. The easiest is a secured credit card.
2007-02-03 13:07:22 · answer #1 · answered by babeebluez73 3 · 0⤊ 0⤋
Immediately and a secured credit card.
Having said that, only if you have had a positive change in your situation that will make another bankruptcy unlikely (just my opinion, of course).
Your object now is to re-establish a credit history. Secured credit cards are your best bet (and yes they will show up on your credit report). Ideally, you should secure three trade lines (three credit cards will work fine). Charge a minimal amount and pay it off promptly each month.
It will take you years to regain a credit worthy status due to the bankruptcy. By that, I mean getting a loan at a reasonable rate. In some cases, you will be able to get a loan one day out of bankruptcy... but you probably won't like the rates.
Best of luck
2007-02-03 13:06:50 · answer #2 · answered by David 3 · 1⤊ 0⤋
if you've filed for bankruptcy, the best thing to do is go ahead and apply after you start getting the "pre-approved" letters in the mail. The downside to this is the interest rate is usually very high, but you are considered a "high risk". Keep up on the payments, and try not to use it too much until the bankruptcy is about 4 years old.. then you can get lower interest rates. Good luck
2007-02-03 13:08:23 · answer #3 · answered by avschamps 2 · 0⤊ 0⤋
You'll start getting pre-approved offers immediately after the bankruptcy. Be very careful about these -- even the secured cards will have outrageous fees.
If you wait about a year you'll start to see some far more reasonable terms.
Remember, credit card companies exist for only one reason -- to keep you as far in debt as they possibly can.
2007-02-03 13:57:52 · answer #4 · answered by Gitchy gitchy ya ya da da 3 · 0⤊ 0⤋
I like the advice above...go with a secured, or pre-paid credit/debit card. Some good ones are at the link below. The neat twist with the company is that will pay you $10 for every referral you send that gets approved. Do enough and you could have others paying your payment for you.
2007-02-03 13:16:39 · answer #5 · answered by Anonymous · 0⤊ 0⤋
It usually takes 3 years before you can start to rebuild your credit.
2016-03-29 03:46:12 · answer #6 · answered by Mary 4 · 0⤊ 0⤋
Didn't you learn your lesson the first time?
At least 5 years.
2007-02-03 13:07:04 · answer #7 · answered by theoldbgee 2 · 0⤊ 0⤋
Never... just save your money and pay cash for what you need. It's hard work, but worth it to not be slave to the lenders out there.
2007-02-03 14:16:35 · answer #8 · answered by Jen G 5 · 0⤊ 0⤋
never, you have proven that you can't handle credit.
2007-02-03 13:06:49 · answer #9 · answered by barry c 4 · 0⤊ 1⤋