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How to reestablish credit???

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my wife & I have been married for 8 yrs. at first we had credit & then we had our son prematurely & had to file bankruptcy. We filed in 2001 & have not established credit since then. We do have a car note that we have not missed a pmt on. I am currently trying to clean up my credit. I checked Experian yesterday & have 26 negative items & 10 positive. out of the 26, 16 were on my BK. i currently have them in dispute. Our credit scores are hovering around 500. She just received a CC from First Premier & we have to make a pmt on it soon. otherwise we do not have credit. Any advice how to reestablish credit? we have the income now just horrible credit.

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Since you have the car note & she just got a 1st Premier that will get you started. I would wait to get anything else until your 1st round of disputes is done. If you have really good success then you might try for an Orchard card or, you could also go for a National City secured card.

Good luck!


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The best thing you can do is to add positive things to your credit. Use the credit card that you have, dont get the balance too high,and make sure you pay at least the minimum monthly payment. Avoid having late payments posted to your credit report. The key is to show creditors that your past mistakes are in the past. Show them that now things have changed and you can pay back your loans. The most recent 2 years is what is the most critical.

I have a friend that was in a similar situation with similar scores. She filed bankrupt when she had too many bills and couldnt keep up. 24 months later her scores are all in the upper 600's now. She has 2 credit cards, a car loan, and she also got a mortgage. Her making ontime payments for two straight years made a world of difference.

Last month she was approved for another car loan with pretty good rates. Thats not bad at all with a 2 year old bk on her record. With you having the money now, you can really use that to build up your credit report in a relatively short time. She doesnt get perfect rates yet but she always gets aproved.

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  • 2 weeks later...
do small loans help? we recently got 2 small loans for $100-150 each. One is already showing on my credit report.

The only outfits that give loans that small are loan sharks...

Is that whom you have loans from???

Loan sharks as in Finance companies. Like the ones charging 88 percent interest or higher...

If so, they those type of outfits are actually wrecking your credit even if you do make all of your payments on time.

The Fair Isaac corporation and the CRAs state that Finance companies do not help you at all and they lower your score because they are the scum of the financial world.

In my TU credit report, the section that lists the top four things that are bringing down your score, one factor for me was always:


At the time when my credit sucked big green donkey [EXPLETIVE DELETED], Finance companies were the only outfits I could borrow from.

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