After I file my BK, this is what I plan on doing to rebuild my credit. I will get 1 maybe 2 secured credit cards. Low limit, maybe $200-300. Using my PayPal account I will then send myself 1 or 2 invoices, which I will pay with my cards, in the amount of $40-50 each. I will then use this paypal money to pay off the full balance on each card. I think this is should be an effective method. ANy comments.???
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I don't know if involving paypal is really needed. Just work towards getting one or two secured credit cards, that report to all 3 CRA's. And simply use the card(s), and make timely monthly payments.The information provided is not, and should not be considered legal advice. All information provided is only informational and should be verified by a law practioner whenever possible. When confronted with legal issues contact an experienced attorney in your state who specializes in the area of law most directly called into question by your particular situation. -
Why go to the hassle, just use the cards and pay them accordingly.
Also, as a general note, its better to make minimum payments over a period of time instead of paying them off. When you are rebuilding credit, what you are trying to establish is a positive payment "history".
For example, simply charge $100 on the card when you first get it, and pay the minimum payments until the card is paid off, then recharge the $100 etc etc.Comment
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Better ask PayPal
I have a CC account that i use for my business and i did not read all the fine print I think it is in there where this is not a good idea. Go with the advice about and just use them smart.
Ever heard the story about the little child who fell in the mud. His brother came over and picked him up cleaned him off. The same child went back into the yard and fell into the same mud pit again. And after a few times of the brother doing this over and over he finally left him in the mud to figure it out for himself. For me bk is a mud pit i don't want to fall in again. I only hope all of us here can figure out how to use our credit to help us not hurt again.
Good Luck to allComment
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