How to Rebuild Credit After Bankruptcy
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Posted: Mon Sep 27, 2004 1:28 pm
Post subject: How to Rebuild Credit After Bankruptcy
Julie
Date: 2/22/2001 0:16 am CDT
Hi, my guestion is this. I'm getting ready to file for bankrupcty in afew months, and would like to know how soon either after or before filing that I should start to try to reestablish my credit? I know that the best way to do this is most likely through using the secured credit cards, or small limit cards but I'm also not sure which ones would have the best rates in both interest on your savings deposit and on your apr, please respond.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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Posted: Mon Sep 27, 2004 1:28 pm
Post subject: How to Rebuild Credit After Bankruptcy
dave
Date: 2/22/2001 4:42 am CDT
You can check out the card reviews section of this website under secured cards. Most banks will pay interest on the savings account which secures the card. You probably will want to pick a card that does not report as secured to the credit bureaus.
If you have credit cards now, you might want to consider paying off one or two that you may want to keep. Then when you file, they will not be listed as creditors on your schedules. But before you do something like this, you should get legal advice because doing it the wrong way could be viewed as granting these creditors an illegal preference and the companies could be forced to reimburse to the trustee the money you paid them. This depends on the amount of these payments and the timing of them. Therefore, legal counsel on this subject is essential before you take this step.
Even if you do this in a legal manner, there is some risk that the companies you paid off could cancel you when they see the bankruptcy on your credit report but I know of cases where people have come out of bankruptcy and managed to hold onto some of their cards by paying them off before filing. Check with a lawyer first.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Mon Sep 27, 2004 1:29 pm
Post subject: How to Rebuild Credit After Bankruptcy
Dean Baiardi
Date: 2/22/2001 1:16 pm CDT
I filed bankruptcy over a year ago..I ahve since been discharged. I need to know where is the best place to search
out re-establing myself,and how long will my credit report
reflect the bankruptcy
archive
Posted: Mon Sep 27, 2004 1:29 pm
Post subject: How to Rebuild Credit After Bankruptcy
Dani
Date: 2/22/2001 1:45 pm CDT
Dean:
Bankruptcy is reported for 10 years on your credit reports. As for how ti re-establish credit I would suggest going to Credit Card Reviews and click on Secured Cards. The important thing to remember is that re-establishing your credit is a long and tedious process in which time is the only option. I wish you the best.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Mon Sep 27, 2004 1:28 pm
Post subject: How to Rebuild Credit After Bankruptcy
Julie
Date: 2/22/2001 0:16 am CDT
Hi, my guestion is this. I'm getting ready to file for bankrupcty in afew months, and would like to know how soon either after or before filing that I should start to try to reestablish my credit? I know that the best way to do this is most likely through using the secured credit cards, or small limit cards but I'm also not sure which ones would have the best rates in both interest on your savings deposit and on your apr, please respond.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Mon Sep 27, 2004 1:28 pm
Post subject: How to Rebuild Credit After Bankruptcy
dave
Date: 2/22/2001 4:42 am CDT
You can check out the card reviews section of this website under secured cards. Most banks will pay interest on the savings account which secures the card. You probably will want to pick a card that does not report as secured to the credit bureaus.
If you have credit cards now, you might want to consider paying off one or two that you may want to keep. Then when you file, they will not be listed as creditors on your schedules. But before you do something like this, you should get legal advice because doing it the wrong way could be viewed as granting these creditors an illegal preference and the companies could be forced to reimburse to the trustee the money you paid them. This depends on the amount of these payments and the timing of them. Therefore, legal counsel on this subject is essential before you take this step.
Even if you do this in a legal manner, there is some risk that the companies you paid off could cancel you when they see the bankruptcy on your credit report but I know of cases where people have come out of bankruptcy and managed to hold onto some of their cards by paying them off before filing. Check with a lawyer first.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Mon Sep 27, 2004 1:29 pm
Post subject: How to Rebuild Credit After Bankruptcy
Dean Baiardi
Date: 2/22/2001 1:16 pm CDT
I filed bankruptcy over a year ago..I ahve since been discharged. I need to know where is the best place to search
out re-establing myself,and how long will my credit report
reflect the bankruptcy
archive
Posted: Mon Sep 27, 2004 1:29 pm
Post subject: How to Rebuild Credit After Bankruptcy
Dani
Date: 2/22/2001 1:45 pm CDT
Dean:
Bankruptcy is reported for 10 years on your credit reports. As for how ti re-establish credit I would suggest going to Credit Card Reviews and click on Secured Cards. The important thing to remember is that re-establishing your credit is a long and tedious process in which time is the only option. I wish you the best.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 1:41 PM
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