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TonyD56

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What happens when bankruptcy is dischaged?

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Rebuild New Credit

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After a bankruptcy, you should start rebuilding credit. Bankruptcies will drop your credit score 100 plus points. You should join a local credit union and open up a secured installment loan. You can also ask your bank about their credit rebuilding programs. You should also contact Bank of America and open up a secured revolving credit card, $300 is the minimum you can send to receive their credit card. I say BOA because when my son was building credit thats the company he used. He sent them $300 and 1 year later his money was refunded to him and they changed his status from secured to unsecured. They also increase his limit to $500. He called BOA back and asked if they would reconsider and raise his limit higher. Long story short the raised it to $1,200. Mind you, he was never late paying on the card and made several payments each month. 

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