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Bankruptcy and Your Credit Scores
One of the things that many uninformed people like to share with their friends who may be considering bankruptcy is how bad of a drop your credit score is going to suffer. Now, it all depends on your situation before the bankruptcy, but there are ways to get your credit score back up quickly.
The absolute best thing you can do for you credit is to go out as soon as possible after the bankruptcy discharge and acquire at least one or two new lines of credit. Unsecured lines are better, but secured lines of credit will work too. Your most important goal is to get some company putting positive information on your credit report on a regular basis. In fact, if you’re monitoring your credit scores, you may notice a small jump just for getting the new credit. Positive accounts go a long way to rebuilding your score in the long term.
It’s hard finding places that will give you a credit card, with bad credit. It’s even harder when you have a bankruptcy under your belt.
Here are a few places that I recommend checking out, based on my experiences. (In no specific order)
- http://tipstofixcredit.com/recommends/UnsecuredForBadCredit
- http://tipstofixcredit.com/recommends/UnsecuredForBadCredit-2
Below are a couple Secured cards that you can get to help rebuild your credit.
– I read through the Terms and Conditions of the Secured Cards directly above and want to make sure you know everything before getting into one of them. First of all, if you are interested in one of those 2 cards, then ignore and close the popups that show up during the process. They are only there to distract you from your goal, which is completing the application for the card. These 2 cards are GUARANTEED approval, but you have to have a little bit of money ready for them. They have a $99.95 processing fee, which is paid immediately from your checking or savings account. They also have a $59 annual fee, which is probably charged to the card immediately. After you’re approved and pay the processing fee, you will need to fill out a savings account form which is returned to the bank, along with your initial deposit. In reality, you’re opening a savings account with this bank, which is used if you default on your payment. They provide a decent interest rate too, averaging 3% for the first year and 2% after the first year. You are allowed to deposit a minimum of $300 and a maximum of $5000 to your account, which directly relates to your credit limit on the card. The company also reports to the major 3 credit bureaus, so based on my research I think that they would be a good candidate to go with for a secured credit card.
In a later post, I’m going to talk about the other part of credit repair, which is removing the negative items from your credit report. It’s not that hard to do, but rebuilding your credit with positive accounts is the absolute best thing to do, in order to raise your credit scores after bankruptcy.
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