How long after bankruptcy should I start trying to rebuild my credit?
Once your bankruptcy is discharged you can begin rebuilding your credit immediately and should by all means do so. The easiest way place to start is a secured credit card. Anyone with a couple hundred in extra cash can open an account.
The card can only be used on the amount you have in your account but making payments on a timely basis (preferably paying the balance off each month) will quickly build your credit score up. The only caveat with secured credit cards is that there can be enormous fees involved with opening an account up. Please read the fine print and look around for the best offer.
Another part of credit repair is to get an installment loan of some sort whether it be auto, student or anything else. These may be harder to get (except for the student loan) at decent interest rates though due to your current situation. Given time you will be approved for one.It is best not to apply for too much credit.
Every time a creditor turns you down it will bring down your credit score a notch or two. Having too much open credit can bring your score down also. Your credit will slowly increase in time just through paying rent or utilities or living expenses such as this on time.
Most utility companies in particular report to credit agencies. It takes time to rebuild a credit rating after bankruptcy but it should be worked on immediately as it is hard to live in this time without credit of some kind. articles.moneycentral.msn.com/Banking/Ba... moranlaw.net/postbrcredit.htm creditcards.com/bad-credit.php.
Once your bankruptcy is discharged you can begin rebuilding your credit immediately and should by all means do so. The easiest way place to start is a secured credit card. Anyone with a couple hundred in extra cash can open an account.
The card can only be used on the amount you have in your account but making payments on a timely basis (preferably paying the balance off each month) will quickly build your credit score up. The only caveat with secured credit cards is that there can be enormous fees involved with opening an account up. Please read the fine print and look around for the best offer.
Another part of credit repair is to get an installment loan of some sort whether it be auto, student or anything else. These may be harder to get (except for the student loan) at decent interest rates though due to your current situation. Given time you will be approved for one.
It is best not to apply for too much credit. Every time a creditor turns you down it will bring down your credit score a notch or two. Having too much open credit can bring your score down also.
Your credit will slowly increase in time just through paying rent or utilities or living expenses such as this on time. Most utility companies in particular report to credit agencies. It takes time to rebuild a credit rating after bankruptcy but it should be worked on immediately as it is hard to live in this time without credit of some kind.
Once your bankruptcy is discharged you can begin rebuilding your credit immediately and should by all means do so. The easiest way place to start is a secured credit card. Anyone with a couple hundred in extra cash can open an account.
The card can only be used on the amount you have in your account but making payments on a timely basis (preferably paying the balance off each month) will quickly build your credit score up. The only caveat with secured credit cards is that there can be enormous fees involved with opening an account up. Please read the fine print and look around for the best offer.
Another part of credit repair is to get an installment loan of some sort whether it be auto, student or anything else. These may be harder to get (except for the student loan) at decent interest rates though due to your current situation. Given time you will be approved for one.
It is best not to apply for too much credit. Every time a creditor turns you down it will bring down your credit score a notch or two. Having too much open credit can bring your score down also.
Your credit will slowly increase in time just through paying rent or utilities or living expenses such as this on time. Most utility companies in particular report to credit agencies. It takes time to rebuild a credit rating after bankruptcy but it should be worked on immediately as it is hard to live in this time without credit of some kind.
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