My husband and I recently got discharged from bankruptcy and now we are wanting to build our credit. How are we suppost to do that if nobody will help us?
2007-03-16 04:04:18 · 6 answers · asked by Anonymous in Business & Finance ➔ Credit
The best thing you can do now to build your credit is to pay your rent/mortgage and any other bills you have on time. Timely bill payment is huge for a credit score.
Do not deal with the floods of credit mails that will be soon reaching you. These are not people trying to help you, they are predators, more predatory than the original companies you dealt with. These companies are banking on the notion that you are fiscally irresponsible and will sign up with them, incur more debt and then they will own you.
Do not worry about your credit score...the only thing a credit score shows is that you are consistently in debt. Save up, pay for stuff in cash. The only thing you MIGHT need credit for is a mortgage in the future and companies still do manual underwriting.
There is the disturbing habit of companies using FICO scores for hiring consideration, which with a few exceptions is asinine, but regardless, best thing for you to do to keep yourself out of trouble and raise the score is to pay your obligations on time.
2007-03-16 04:15:18 · answer #1 · answered by Leo 4 · 1⤊ 0⤋
Simple - Pay your bills on time - If no bank will give you a credit card ( but they will ) simply get a secured credit card - its just a debit card issued from Visa or Mastercard. There is nothing wrong with declaring bankruptcy - actually - they banks like it because you cant declare bankruptcy for another X years - I forget how long - which means, you will not have Bankruptcy to bail you out next time when you get in the shitter with them - and that makes you less of a risk to lend to ! If you have to get a mortgage - that is where things get tricky - there you will usually have to deal with slimeball load shark loan companies - but if you have a house & a decent interest rate & you are going to stay put for 7 or so years - dont worry so much .. I hope you were discharged in Ch7!
2007-03-18 22:16:51 · answer #2 · answered by thefatguythatpaysthebills 3 · 0⤊ 0⤋
In your case this site can be very helpful LOANSVAULT.NET-
RE Bankruptcy! Help me?
My husband and I recently got discharged from bankruptcy and now we are wanting to build our credit. How are we suppost to do that if nobody will help us?
2014-10-05 20:21:37 · answer #3 · answered by ? 1 · 0⤊ 0⤋
You should be getting flooded with offers from credit card companies and auto dealers by now. They buy B.K. list all the time.
You might also try Orchard bank. I used them after my B.K. in 2001 and they were very helpful.
If you use another credit card company, be sure and read the fine print a lot of them will hit you with fees totaling half of your credit limit before you have even used the card.
2007-03-16 11:08:45 · answer #4 · answered by ? 7 · 1⤊ 0⤋
stay away from credit cards for awhile...try to buy things with cash..build up ur savings..and then maybe after awhile try for credit
2007-03-16 11:16:29 · answer #5 · answered by Anonymous · 1⤊ 0⤋
go to a bank?
2007-03-16 11:07:19 · answer #6 · answered by vexen431 4 · 0⤊ 0⤋