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Posted in Bankruptcy
Rebuild credit after bankruptcy?
I just went through a bankruptcy and foreclosure. How can I rebuild my credit? Which Credit cards would be the best to establish if I pay them off every month?
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Your only real choice to start rebuilding at first is a secured credit card (you put the deposit money up front, e.g., $200 - this is still your money; if you close the account, you get it back) and then use the card once a month for something small (and of course, pay it off). There's very often an annual fee, as well. It's kind of like having a debit card, except it gets reported to the credit agencies.

If you look under the secured credit cards portion of the "credit cards" tab above, you can browse which looks best for you. Orchard Banks seems to often be recommended by other users.

The purpose of having a card like this is simply to rebuild a good credit history - your on-time payments will be reported to the credit agencies just like any other credit card, etc.

After a couple of years, you may start seeing the opportunity to qualify for unsecured credit. This is what happened with me, but the banks were not as strict as they are today, so it might take longer now.

Good luck!

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