Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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what steps should I take to start rebuilding my credit

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  • what steps should I take to start rebuilding my credit

    Ok.. now that I have my ch7 discharge, i'd like to get info on the following

    1. How long should I wait before grabbing a copy of my credit report? I supposedly had everything dischrage thru BK except studentl loans. So if I see something, should i file a dispute or what?

    2. Can someone send me a link to the credit card board that walks u thru the process of rebuilding your credit. Since it's a long process id like to get started now as oppose to later.

  • #2
    There is a guide that you can find if you google "700 FICO in 12 months". It's not the worst advice, but I dislike how the guide encourages terrible cards like CreditOne. Annual fees are for the birds.

    I think you're on the right track, wanting to stay out of debt. Be warned, though, that it is VERY, VERY easy to fall back into old habits. I am about 18 months out of discharge and I have credit cards with limits as high as $22,000. It is so tempting to pull one out and charge up something ridiculous, or to let daily purchases inflate and add up to amounts that are difficult to pay off. To this day, I frequently stop myself and ask if I would pull money out of the bank and make this purchase with cash. Handing over cash is tougher, and makes me think about what I'm doing. Also, I make sure to always have cash in the bank to pay off anything I charge before I charge it. No exceptions.

    Check out the Capital One prequalifier and see if it prequalifies you for a card. My first card out of BK was a Capital One, and they've been good to me.

    You are right that it is a long process. That's why I started right after discharge.
    Chapter 7, above median, no asset. Discharged with no UST involvement.


    • #3
      In conjunction with rebuilding the credit score you should have an emergency fund started, you will need to put as much thought and energy into building that up as you are your credit. Funny how people coming out of bankruptcy never ask "How can I save more cash, what should I do to build my emergency fund?" You might want to take a step back and examine your financial attitude, ask yourself some very telling questions (ie: Do I have enough cash in the bank to cover anything I would charge? Have I adjusted my lifestyle to live well below my means? Have I cut back everywhere I can to save money? How much is in my EMERGENCY fund?). The answers will tell you exactly how much you learned from the bankruptcy experience and where you are headed today.

      Be proactive with your money, your lifestyle and your financial attitude, get used to using cash before you start with the credit again, if you do not have the cash to buy it than you cannot afford it. It is really pretty simple and you are given a new start but the definition of insanity seems to be the direction that many go with the same outcome in the end. If the plan is to depend on credit when times get tough again, then your road will always be long. Good Luck!


      • #4
        Thanks I understand the concern. I've been living below my means for awhile now. I been on the cash program for awhile now. I filed ch7 only after running the #'s and realized that it was the better option. Now that i'm clear of that I want to get on to rebuilding my credit. From what I heard the best thing is to get a small credit card, charge no more than 10% of the credit limit per month and pay the balance in full. I plan on using it to pay my credit card bill. Instead of 10% I plan on using just 1% . For instance my CC limit is $3000 but I plan on using it for no more than 10% ($300) each month.

        For example let's say pay either my phone bill ($160) or my cable bill ($45) and then pay those balance off each money BEFORE the due date. How does this sound? Is there anything wrong with this plan? Is there anything else I should be doing during this time? If so feel free to share.


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