I had a bankruptcy three years ago, I need to rebuild credit with a card but have heard a lot of different opinions as how to do it. Secured or unsecured? How much of a percentage do you charge? and do you pay it off right away or pay the minimum monthly? If any one knows how it should be done I would really appreciate it.
Originally posted 2009-12-18 18:39:30. Republished by Old Post Promoter
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The first trick is to actually get the credit card…..in todays market they will see your bankruptcy and not be very cooperative.
Unsecured is always the best, but you will probably have to start with a secured card. After several months of use and good credit behavior they may be willing to change it to an unsecured.
Always pay on time and pay off as much of the balance as you can…never just pay the minimum. Try not to use more then 30% of the credit limit, as this will hurt your scores.
Try to get at least 2-3 cards. The more good credit lines you get the better. But remember…..you went bankrupt because you failed to maintain a good credit behavior……so if you have learned your lessons then get some cards. That is the only way you will restore your credit.
First, make sure all the information on your credit report is accurate.
Second, try to pay off all or any accounts that are currently in collections or make payment arrangements with the creditor to pay off the balance monthly.
Third, any credit card that is over 50% of the available credit line should be paid down to under half of your total credit line. Your credit score is lowered when your available balance is over 50% of your total credit line.
Finally, if you have bad or no credit and have no credit cards try to obtain two credit cards and make sure all of your monthly payments are made on time. This will help increase your credit score. If you cannot be approved for a unsecured credit card, obtain a secured credit card.
The key is maintaining the proper debt to credit ratio. Whether you get a secured credit card or unsecured really makes no difference. The secured card will cost you way more, so if you qualify for unsecured that’s the route to go. Secured cards are for those who just don’t qualify for anything else.
Keeping a balance of about 20 to 30% on your credit card is the proper debt to credit ratio to keep to build your credit.
As others have suggested, the real reason to have credit card is to build credit. Were all rooting that you don’t get back into the same kind of straits that got you into bankruptcy to begin with. Good luck to you!
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Do you have a good relationship with your bank? I’d start with them. Go to a manager and tell them what you want to do. Ask for only $500 to start and be willing to put that much money into a savings account with them. No, this is not a secured card but you are showing your willingness to be responsible.
If you have handled your accounts well the last two years you should be able to pull this off. Then use it very carefully, always paying more than the minimum amount and taking it down to zero at least a couple of times a year.
Go back later and thank the person who helped you. A written note would show a lot of class.
Bankruptcy is a problem difficult to cope with. Much depends on you. If you are afraid to be tempted and buy more than you can afford, it is better for to get a secured card. As for making payments, I advise you to make more than a minimum payment and do it on time. For more information on the cards you are eligible for look through http://www.creditcardspecialist.com/Bad-…
That’s just carzy talk.
Wow! you have been thru a bankruptcy and you wanna go down that road again?
Building credit is the biggest joke of the 21st century.
If you pay as you go. If you live on less money than you make.
You will not have any payments. You will have money and you will not have to worship at the alter of the almighty fico score.
you would have to start off with a scured card and pay the minimun payments(dont pay it off right away or you wont build credit) for 6 months and after that ask the company if you can go to an unsecured card
you interest rate will be high because of the bankruptcy so search the internet to find the lowest
Dont use a credit card! You could get caught in debt. If you realy want to improve your credit, just go here.http://www.lexingtonlaw.com/
and if you still want to get a credit card, get a secured, that way you will have a lower rate, and whatever you put on the card is available.
Get a secure card (doubt you will find anyone that will give you an unsecured, your bankruptcy is still to fresh). Use it to purchase 1 or 2 tanks of gas each month and then pay the bill in full each month.
Good Luck!