How to re-establish credit fast?

[150mph]

In particular, my credit rating plunged when I filed for Chptr7, stopped making payments and I had serious trouble when i had to move and find a new apt. (credit check)

ok - let's say I open a chking acct with a large deposit to get a secured line of credit. Will I build up my credit rating faster if I make a major purchase (i need a new computer) with this line of credit - then pay it off (if I have to "pay off" a secured line of credit - not sure exactly how that works) immediately?

What are other methods?


chptr7 Hearing is April 31.

[lostinmich]

The only thing that really improves your scores is time. And by that I mean making all of your payments on time and not being overextended on credit. the latter shouldn't be a problem because you filed ch7.

As for the secured credit card, it works the same as an unsecured card except you are pledging money in the amount of your credit line. You will still have payments if you carry a balance. You will still pay interest charges if you carry a balance.

Do some searching and do a LOT of reading. You will find more info throughout the forums.

[HHM]

There is no magic bullet, assuming you maintian good credit habits, it takes about 2 years to get significant improvement in your credit score after a BK 7.

[tradewiz50]

Your in bankruptcy currently if your Chapter 7 hearing is April 31. You need to wait till your discharge, pull all three bureaus, send dispute letters, and then think about re-establishing your credit.

[lrprn]

chptr7 Hearing is April 31.

Interesting date for your 341 since April only has 30 days....hmmmm....??? Be sure to check your dates again