Repairing credit following a Bankruptcy - cougarguard.com — unofficial BYU Cougars / LDS sports, football, basketball forum and message board

RockyBalboa · 05-06-2006, 11:53 PM

Yes, I know it takes 7-10 years for it to "dissappear".

What are some of the best and more fiscally responsible ways to repair credit following bankrupcty? Besides being patient that is.

MikeWaters · 05-07-2006, 12:08 AM

marry rich.

il Padrino Ute · 05-07-2006, 12:23 AM

Of course, I may be wrong about this, but my understanding is that to re-establish credit is to make sure the balance is paid in full at the end of each period. I hope this isn't bad advice.

After bankruptcy, there are several creditors that will provide opportunity to re-establish credit by means of a higher interest credit card. I'd suggest taking advantage of only one and use it once a month to make a purchase of something within budget and pay it off at the end of each month. Never max it out and only buy one item each month, even if it's something as inexpensive as a CD or DVD.

Also, a lot of oil companies will offer a credit card for gasoline. Get only one of those as well and use it to fuel your vehicle and pay off the balance each month.

FMCoug · 05-07-2006, 02:43 AM

Check out creditboards.com. Best site on the net for this IMO. They'll teach you how to best "game the system" and raise your score in the best ways.

bYuPride · 05-07-2006, 08:25 PM

Quote:

Originally Posted by il Padrino Ute

Never max it out and only buy one item each month, even if it's something as inexpensive as a CD or DVD.

as far as credit cards go, i've also heard that you should never carry a balance that is more than half the credit limit of the card. even if you have great credit and all that, it will hurt your fico score.

05-06-2006, 11:53 PM	#1
RockyBalboa Senior Member Join Date: Jan 2006 Location: Salt Lake City Posts: 7,297	Repairing credit following a Bankruptcy Yes, I know it takes 7-10 years for it to "dissappear". What are some of the best and more fiscally responsible ways to repair credit following bankrupcty? Besides being patient that is. __________________ Masquerading as Cougarguards very own genius dumbass since 05'.

05-07-2006, 12:23 AM	#3
il Padrino Ute Board Pinhead Join Date: Jan 2006 Location: In the basement of my house, Murray, Utah. Posts: 15,941	Of course, I may be wrong about this, but my understanding is that to re-establish credit is to make sure the balance is paid in full at the end of each period. I hope this isn't bad advice. After bankruptcy, there are several creditors that will provide opportunity to re-establish credit by means of a higher interest credit card. I'd suggest taking advantage of only one and use it once a month to make a purchase of something within budget and pay it off at the end of each month. Never max it out and only buy one item each month, even if it's something as inexpensive as a CD or DVD. Also, a lot of oil companies will offer a credit card for gasoline. Get only one of those as well and use it to fuel your vehicle and pay off the balance each month. __________________ "The beauty of baseball is not having to explain it." - Chuck Shriver "This is now the joke that stupid people laugh at." - Christopher Hitchens on IQ jokes about GWB.

05-07-2006, 12:08 AM	#2
MikeWaters Demiurge Join Date: Aug 2005 Posts: 36,365	marry rich.

05-07-2006, 02:43 AM	#4
FMCoug Senior Member Join Date: Jan 2006 Location: Kaysville, UT Posts: 3,151	Check out creditboards.com. Best site on the net for this IMO. They'll teach you how to best "game the system" and raise your score in the best ways.