Hi,
My 7 and 10 year wait for my delinquent accounts and bankruptsy is finally over. I have NO credit now on my credit report. Everything has fallen off. Over the years we have learned how to live within our means and have paid cash for cars, appliances, etc. I am so used to paying up front for what I need, I really see no use in credit cards but applied for one to start rebuilding credit and was approved. From what I have read, I plan on using it monthly to make a small (gas, maybe) purchase and pay it off monthly. We need to get in a position to where we could purchase a house in the future. Any suggestions? Advice? Thanks!
2007-07-26 09:24:46 · 4 answers · asked by Kristy 2 in Business & Finance ➔ Credit
Kristy, I have the perfect site for you.
This isn't spam, I have nothing to do with this or any site that I use for my sources.
Go to http://www.lifeafterbankruptcy.com and search their newsletters for the most recent ones from the past month.
They recently had a series discussing about 50 steps people in bankruptcy need to do in order to improve their credit.
To be honest, you are starting 10 years late! It's very, very important to start right from the early states to repair your credit score. That way, once your bankruptcy is off your credit, you already have a great foundation to work with.
In your case, you are starting with nothing. But hey! It's a start.
Read everything this site has to offer you. I think you will be happy with the info.
2007-07-26 09:38:56 · answer #1 · answered by Anonymous · 2⤊ 1⤋
This is a tough one, I have firmly believed you only need credit to buy a house or start a business, for every other purpose if you dont have the money you then you shouldnt spend it. I would say save for a really long time, your poor credit or lack their of, will be a major problem, but if your willing to put a larger amount down then normal, you should be able to get some leeway. One things always trumps credit, every single time and its cash. It can solve all montery problems (as long as that cash has been legitimately earned and all taxes paid)
2007-07-26 16:35:15 · answer #2 · answered by Death for Madoff 1 · 0⤊ 0⤋
You don't need advice. You're on the right track. Start with gas or department store cards and build up to bank (VISA/MC) cards. Just keep them for emergencies and to have credit for buying a house. Good luck.
2007-07-26 16:51:30 · answer #3 · answered by Ted 7 · 0⤊ 0⤋
sounds like you're on the right track. good luck
2007-07-29 20:57:14 · answer #4 · answered by amaya7 5 · 0⤊ 0⤋