after bankrupcy ,how can I REBUILD MY CREDIT SCORE .

Submitted by tnnt54 on Tue, 05/19/2009 - 14:45
Forums

I need to buy a car. I also need to get a credit card to show lenders that I can pay it off. MY x LEFT ME WITH BAD DEBT AND I WAS ABLE TO PAY 25% OFF BY THE AID OF CHAPTER 11 WHICH I NOW HAVE MY DISCHARGE PAPERS.I AM ASKING FOR HELP TO GET BACK ON THE RIGHT PATH.
THANKS MS B GILLS

Hi tnnt,

I understand that you have been through hard times. Here are a 6 simple tips to follow to rebuild your credit score after bankruptcy:

!) Pull out your Credit Report from all the three credit bureaus and review whether all the negative listings have been accurately reported.
2) You can dispute any negative remark that has been wrongly reported. Please visit the following link to find a sample of a dispute letter: http://www.creditmagic.org/repair/dispute-letter.html
3) As it will be difficult to get an unsecured credit card after bankruptcy, you can get a secured credit card. A secured credit card is one in which you deposit cash to the credit card company. The amount you deposit is your credit limit.
4) Pay back the monthly dues on time. This will improve your credit records.
5) You can also obtain small credit card accounts, like a gas card, and improve credit history by making timely payment.
6) Save as much cash as you can.

What I feel is, you should wait for few months before applying for a auto loan. Within that time period try to improve you credit score, so that you qualify for a loan at the best possible rates of interest.

Wed, 05/20/2009 - 03:45 Permalink

After bankruptacy it is little bit difficult to go for fresh credit card specially the secured one so i recommend you to go for the secured debit card.

Do you (or your parents) have any immovable property? if it is then you can either go for better credit card where you can state that you have some immovable property as assets.It will help you in building the credit score.

keep us informed.

Wed, 05/20/2009 - 06:26 Permalink
Edward Cullins (not verified)

What in the hell is a secured debit card? A secured credit card is money put into an account that reflects your credit limit. Banks dont report to your credit report showing that you use your "debit card" responsibly. I have had good credit for 10 years and own my own business and have 2 checking accounts and I have never heard or seen of anything on my credit report that reflect that.

Thu, 12/29/2011 - 03:03 Permalink

Do you have an actual CC through your bank..or just a debit card. ALOT of debit cards can be used as 'credit' as well. However...these kind of cards are not reported to the CRA's. If your bank gives out CC's, you may consider applying for one if its the credit reporting that you need.

Tue, 01/03/2012 - 03:48 Permalink