Rebuilding Your Credit after B/K

[journey]

Could some one please tell me the best way to Build my credit back up after B/K. The things i keep and still owe on should help if i pay the monthly payments on time.
But i all so want to start with a Secured Credit Card or should i Go with a Orchard Credit card for a few hundred dollars. Which would be the best way to go.


Thanks for any input. I sure need it. i dont understand all this stuff.

[GreenInkOnPaper]

Many times, the items you keep and continue to pay on will NOT report to the credit reporting agencies as a good account, so that mey not help you. If you can go with a secured card, do it. Time will be the biggest obstacle to overcome. The further behind you the BK gets, your credit will improve and allow you to get good rates.

[Flamingo]

Could some one please tell me the best way to Build my credit back up after B/K. The things i keep and still owe on should help if i pay the monthly payments on time.
But i all so want to start with a Secured Credit Card or should i Go with a Orchard Credit card for a few hundred dollars. Which would be the best way to go.


Thanks for any input. I sure need it. i dont understand all this stuff.

First, if you file Chapter 7, realize that a Chapter 7 is listed on your credit reports for 10 years and indefinately on the records of those you included in your bankruptcy filing. The BK can hurt you credit-wise anytime during that 10 year period and if you attempt to obtain credit from a creditor included in your filing even beyond the 10 year mark, you probably still may not be approved. Some of the major banks are known to blacklist anyone who has filed BK and included them (Chase is one). What helps the most with anyone filing BK is time - you need to ensure you make all your payments on time and pay all your bills, not being late once and showing you know how to control your money. More people have posted on here trying to find advice as to how to get credit cards again as soon as they are discharged and whether or not they would be able to buy a house or get loans right away. I find it unbelievable that someone would want to jump back into the black hole they just were able to get out of via the safety net of bankruptcy.

Your thought of obtaining a secured card is very good and if you have a mortgage or rent, pay that all on time and the same for your utilities and any other bills you have. That will all work for you as time passes and you start to reestablish that you are in control and exhibit less risk to a lender.

[journey]

Flamingo... thank you for responding to my message. thanks for the advice.

So i will stay on top of my normal bills such as cell phone, electric bill and other utlilitys and maybe get a secured Credit Card for a couple hundred and like buy a tank of gas once a month and pay it off every billing cycle.

No i sure dont want to get back into Charging stuff i just want to try to help my credit score but i allso see what your sayin as well . That the BK will be on my Score for 10years and that is something i cant really do anything about.