SPIFIMAN1
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You have received a lot of bad advice.
First it doe's depend on what your score was before you filed. But other than that, you need to know banks do not report saving or checking accounts.
Get yourself a credit card, I used Orchard bank myself, they were the best rate with the lowest fees that I could find at the time. Then use it for everyday purchases like gas and groceries being sure never to exceed 30% of your limit in any given month. Pay it off before the due date every month this will avoid interest charges and raise your score.
After approx. 12-months of this you should be able to get a regular credit card. Do the same thing with it. After 24-months your score should be fine.
I went through this 6-years ago and by following this advice 30-months later I financed a new car at 3.9% and bought a home at 6.5% with no money down and 100% financing.
My score now is well over 750. |
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redvelvetflames4ever
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After you reach your first year anniversary of filing apply for at least one credit card (be careful how you use it!) to begin rebuilding your credit history. After the 7 years and it is removed from your credit history it can still take quite sometime to rebuild your credit score if you haven't built up any assets during this time. |
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***you
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you have a long ways to go to rebuild that. |
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See Saw
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One of the things you can do is to get a credit card with high interest. But make judicious use of this card while purchasing. Use the card only if you are sure you can repay the loan within a couple of months. Make timely payments. This improves your credit history and will provide a solid base to your credit history. If you persist in this fashion, your credit rating will go up after some time. Since you have declared bankruptcy, your payments for the other debts will be low. This will provide you money to pay off your credit card dues.
http://get-out-of-the-debt-trap.com/category/How-to-Improve-Your-Credit-Rating-After-Bankruptcy.html |
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lilpuppy6
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NO CLUE,
Cheers to spifiman for saving you from alot of bad avice to your question. I think he deserves best answer on this one.
For some extra tips you can click on mine and spifiman's picture and search through our previous answers on "credit".
I too have gone thorugh bankruptcy, and it's definetly not as bad as peopel are suggesting to you. It can be done rebuilt sooner than you think.
Good luck. |
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tommywill8517
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The best way to rebuild credit is to get one or two credit cards and make ontime monthly payments. I have listed a source of credit card companies that will give you credit after bk. |
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Jim DeSantis
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You can begin rebuilding your credit while the ink is still wet on your bankruptcy. There isn't space here to give you detailed steps but here are some quick ways:
1) Open a Savings Account at your local bank for, say, $100.00. This will show up on your credit report. The amount will not show, just the fact that you have savings.
2) Open a checking account at the same bank. They will love you for it, so will your credit report.
3) Get a Department Store charge card. Most offer them when you check out at the register. You may not get the first one or second one but keep trying. Once you get one, charge something that you can pay in full when the bill comes. Do this every month. Charge something. Pay the bill in full. Charge something else. Pay the bill in full. NEVER have a balance on the card - NEVER!
4) Get a secured credit card if you have some cash. This is a card that uses your own money to secure the card. Use it but pay it off every month. NEVER carry a balance.
5) If you have a vehicle - get a gasoline charge card. You have to buy gasoline so you may as well build some points doing it. Keep trying until you get one.
Want to know more? See below.
_________________________
Jim DeSantis publishes a blog all about money matters at http://on-line-tribune-money-matters.blogspot.com |
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iceman
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Well it depends alot on how your credit was prior to filing.
I would say the quickest would be a year to 2, to get to a respectable score in the 600s. That would take alot of good credit use though. The problem is that normally after bankruptcy its so hard to get offer for lines of credit that it may take a while before people even begin giving you a chance.
Thats why i always say bankrputcy should only be done in rare cases when you are 100% out of options and cant even make min. payments. |
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prodigychild_21
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Last time I heard it was 7 years because no one is going to trust you with credit. After repairing my credit by fate I got a credit card which I used to buy little things (gas, groceries, etc) and I paid the balance in full every time. After a year and a half other credit cards were offereed so that helped me a lot. It takes time to rebuild something like that. |
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Dixie
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11 years..Been there --done that. Once you fill its hard to build credit again. Then even after the 11 years they still want to punish you..Good Luck.. |
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pcc122
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hi
well it might take you 5 years of good credit rating |
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