Sign in to follow this  
MartyMcfly4200

Repairing Credit After Bankruptcy

Recommended Posts

I've been bankrupt for about 6 months now and was curious if anyone had any suggestions on how to start rebuilding my credit?

Share this post


Link to post
Share on other sites

I would apply for the Capital One Platinum or whatever they call it. It's a starter card and they'll probably give you a $300 limit, but use it and pay in full every month and they will bump your credit limit every few months like clockwork. 

Share this post


Link to post
Share on other sites

After your company goes into bankruptcy it seems quite difficult to repairing your credits. But by proper maintenance and focusing on your goals can help you in repairing your credits. Bankruptcy is not a good thing since it sticks to the credit report for seven to ten years, depending on the type of bankruptcy is filed.
Here are some steps which you can follow for repairing your credits:
1) Budgeting your remaining Debts: Bankruptcy swipes out debits so it is better to budget your credits. Start building for emergency funds.
2) Have a check of your credit report: Check your credit reports, sometimes negotiated accounts aren’t reported properly.
3) Have a secured credit card: get a secured credit card as a responsible credit use is the best way to repair credits.
4) Apply for an Installment loan: On the basis of your needs, you can apply for an installment loan. There are various lenders such as [edit] banks who can help you in getting loans.
5) Be patient: The process of rebuilding will take time, so give some time.

Edited to remove possible spam.

Edited by Harry Seaward

Share this post


Link to post
Share on other sites
On 3/9/2019 at 8:23 PM, MartyMcfly4200 said:
 

I've been bankrupt for about 6 months now and was curious if anyone had any suggestions on how to start rebuilding my credit?

 

On 3/9/2019 at 8:23 PM, MartyMcfly4200 said:
 

I've been bankrupt for about 6 months now and was curious if anyone had any suggestions on how to start rebuilding my credit?

Don't apply for major cards, go for online merchant accounts non visa and master charge. Start by getting 2 or three. Fingerhut, online jewelry and secured credit cards where only your money is at risk and they make money off you for using your money. 6 months of that builds your credit. Its called credit utilization. They need to see you move money but don't go over 20 percent because that knocks your score down. Keep balances down, that 30% of your score. Anybody want to see the score move, mess with the balance and miss a payment. (30) day.Payment history is 35% of your score. Anybody that has a bankruptcy, it does not affect you after 2 years and that applies to anything else on your credit. Watch you utilization and payment history. Credit providers check credit to see who will default i with in 2 years... you don't get credit so you need to show you can handle credit with your own money.

Share this post


Link to post
Share on other sites
14 hours ago, Mr. Mann said:

Anybody that has a bankruptcy, it does not affect you after 2 years

This is false.  Chapter 7 bankruptcies stay on your credit report for 10 years (ch.13 stays for 7 years). It may have little impact on your FICO score after 2 years, but potential lenders will still see it and can, and often do, deny credit when they see a bankruptcy. 

Share this post


Link to post
Share on other sites

If you are looking for an effective credit repair service you should reach out to (deleted) as they helped many clients get a 790+ score within a few days. Reach out to (deleted).

Share this post


Link to post
Share on other sites
5 hours ago, natcoffin said:
 

If you are looking for an effective credit repair service you should reach out to (deleted) as they helped many clients get a 790+ score within a few days. Reach out to (deleted).

We do not recommend “credit repair” companies.   With some research and patience, consumers can “repair” their own credit for free instead of paying people who, in most cases, have very little knowledge of the FCRA and cannot do anything more than consumers can do themselves.  

If we were to ever recommend “credit repair” companies, we would never knowingly recommend those that engage in schemes that are deceptive, dishonest, and frowned upon by the Federal Trade Commission.

 

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this