Build Rebuild Credit

About two years ago, I went through Chapter 7 bankruptcy. Will I be eligible for an American Express again?

American Express maintains strict standards about extending credit after bankruptcy, but it offers some alternative services that could help see you through the next few years. Chapter 7 bankruptcy means a fresh start from bills you can't possibly get caught up. Rule changes in 2005 made Chapter 7 harder to achieve, leaving many Americans with lengthy [...]

How can I build my credit score after a short sale?

Rebuilding your credit score after a short sale will hinge on two things: the extent to which you can isolate your housing problems, and how consistently you pay all your bills in the wake of your short sale. When a mortgage lender approves a short sale, it means that the bank has agreed to accept an [...]

I have a 590 credit score. Am I considered a bad score? What would be a good credit card to help me?

Yes, 590 is pretty bad. But I've seen worse. You're in a high risk category of borrower that most lenders won't want to touch. Understanding how you got to that score and what you're going to do next will determine the right credit card for your situation. And yes, there are legitimate credit cards for [...]

I have some cards that have been charged off. I want to pay these cards and have them updated. Is there a way I can do this?

Under the Fair Credit Reporting Act, negative information, such as a late payment or collection account that has been charged off, can stay on your credit report for seven years from the date of last activity. So, even if you pay off these outstanding credit card debts, be aware that your past credit blemishes will [...]

My wife and I filed bankruptcy 2.5 years ago. Our credit scores are now 700. But we were turned down for an airline card. If we apply for a different card, can I assume we will be turned down again?

Q: My wife and I have had an excellent payment history with very high credit for many years. We had to file bankruptcy 2.5 years ago because of real estate woes. Our bankruptcy has finally been discharged a couple of months ago and to our surprise both my wife and my credit score is right [...]

I am on disability. Does this stop me from receiving a credit card? I have no credit. Does that matter?

While your income level may or may not prevent you from receiving a credit card, it's more important to figure out your long term credit goals. Depending on your lifestyle, a prepaid credit card or a secured credit card might be the right financial tool for you. If you have "no credit" because you've never had [...]

I lent my brother my credit card, and he has not been paying. This is now starting to affect my credit rating. I can't afford to pay the credit card myself. What can I do?

Yikes. This is like looking in a mirror. I actually did something similar about 20 years ago, shortly after I graduated college. I lent my brother $5,000 on my credit card, for a business venture he was attempting, with the understanding that he would pay me back every month until it was paid off. Well, my [...]

My credit score is around 600. I have a Capital OneĀ® Platinum Credit Card. My husband and I are trying to raise my credit score so we can qualify for a lower interest rate on our mortgage. What do you recommend?

Patience. That's what I'd recommend. A credit score of 600 is borderline "poor." I don't know how you got there, but as you're clearly aware, there's plenty of room for improvement. Qualifying for a lower mortgage interest rate is a wise goal, but I'm guessing you're at least six to 12 months away from being [...]

We need a credit card to build credit history so we can receive a home loan in the future. Which card should we apply for?

Q: We do not want a credit card, but realize we need a credit score to receive a loan for a home in the future. My husband and I both had a credit card with good scores but cancelled them almost a year ago. Now we need to apply for another card. Which should we [...]

I'm 27. I let my parents borrow my credit card five years ago and they haven't kept up with the payments. I don't have a job and can't pay the amount that I owe. What should I do?

Question: I'm 27. I let my parents borrow my credit card five years ago and they haven't kept up with the payments. I don't have a job and can't pay the amount that I owe. What should I do? Answer: First of all, I feel for you. I did something similar when I was 23 with [...]

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