Jan
28
You Can Get Credit After Bankruptcy
Filed Under Credit
My sister had to claim bankruptcy a few years ago after her business failed. I thought that meant that she couldn’t get any credit for 7-10 years but I guess that’s not the case.
Apparently you can get secured credit cards where you basically give the credit card company money to “deposit” and then charge against that amount. That’s a pretty good deal if you ask me. It allows you to establish credit without a risk to creditors. I think it’s a fabulous idea!
She’s now on her way back from her business failure. I think she’ll be just fine!
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6 Responses to “You Can Get Credit After Bankruptcy”
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I had a failed business a few years ago, but have now started selling some airsoft guns. The only way I was able to get my credit back up was through the utilization the credit cards you are talking about. It takes awhile, but slowly over time you can increase your score and be back on track!
Yes, and do all that you can to burnish your professional image–both on paper and live. Some of the people you work with might be able to write letters some day to your creditors.
Does enrolling in any sort of schooling help your credit? I should think it would. But schooling at any time helps open your options in a bad economy.
It is absolutely possible to establish credit after filing for bankruptcy. Getting a secure credit card and paying the monthly bills on time is one of the best ways by which you can regain your credit fast. Glad that your sister overcame this hurdle just fine!
I have horrible credit. I need to find a fast way to fix my credit score because i am trying to buy a new car.
I didn’t have to file for bankruptcy, but about 10 years ago, my credit was in horrible shape and these type of cards helped me to rebuild my credit. I recommend them.