How to come back after filing Bankruptcy

Posts: 1
United States
10 months ago
May 05, 2018

If you have already filed bankruptcy then you need to start building your credit back up. Sounds strange but you can still buy cars, purchase houses, and get credit cards after you declare bankruptcy. I’m not saying it will be easy. There will be times when that bankruptcy on your credit immediately knocks you out on a credit decision no matter what your situation is.


Best thing to start with is a secured credit card. These are cards that you put the money up front for. For instance, you send them $250 and they give you a credit card with a $250 credit limit - there will be some fees involved but they will report your now good credit to the credit bureaus. Just remember that bankruptcy stays on your credit for ten years. You can find a general overview of bankruptcy here: Bankruptcy Overview


It might take a couple of years to get a "real" credit card. Once you do you will want to keep around a 30% balance on that credit card to pump your credit score up. This shows you have credit and know how to use it. It's credit bureau scoring system - not my idea. FHA will give loans to those who have credit scores in low 500s and only require a 3% down payment. You will probably not have any problems financing a car as long as you’re willing to pay 15% or more in interest - buyer beware on those interest costs. Also, remember every time your credit is checked it counts against you unless you are shopping for a home loan. 


Bankruptcy is a huge decision that will impact your credit dramatically but if you are in a serious situation then it could be the right choice. A good bankruptcy attorney can guide you through the process. For secrets to hiring the attorney you need see: Secrets to hiring the attorney you need  

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