Disabled son, had to file bankruptcy to afford medical expenses, how do I recover?

Question

I have steady income, and now a low debt to income ratio, but no family to help or co-sign, where do I start?

I am hopeless

Answer 1

Save your money and don't attempt to get credit right away. if you have a debt ratio you have a credit score that can improve with time.

Answer 2

I would suggest you save up $200 or $300 and get a secured credit card. Washington Mutual as well as many other banks offer them. You send them your money and they give you a credit card with a $200 or $300 balance.

Use it a little every month and pay it in full (except every two or three months leave a small balance so they can make a little money off you).

Before too long your credit will get better and better and you will get real credit.

Other option is to buy a "buy here, pay here" car. But I wouldn't do that unless you really need a car. You end up paying thousands for a hundred dollar car.

Good luck to you and I hope your son is well.

Answer 3

You can start with a secured credit card, when you establish a good payment history (which can take up to two years), it will become easier and easier to get credit, but certainly you want to spend smartly.