Re: Establishing good credit after Bankruptcy
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Posted by Linda (65.120.51.34) on September 28, 2002 at 11:40:59:
In Reply to: Re: Establishing good credit after Bankruptcy posted by observer on September 26, 2002 at 19:53:05:
That's true, but you do need some kind of account that reports regularly to the credit bureaus. It can be a car loan, credit card, etc. just as long as it is reported. Otherwise, after a while, you end up with no credit record, and that is almost as bad as a bad credit record - if you should need to make a large purchase on credit. My Mom refused to use credit at all after my Dad died. She paid cash for everything and saved her money, because she is on a fixed income and everything is going up up up (I know - there's no inflation) Then she needed a car - she paid cash for fairly decent late model used car - a few years later the car died. By that time she was in her late 70's and I was concerned that if she broke down somewhere, she would be a target for crime, so I talked her into getting a newer car via a car loan from her bank - bingo - not enough credit history showing. (By then only one of the old accounts was showing, it was listed as "inactive" and not on all reports). I had to add her as an authorized user to my accounts, get her old account showing on all reports (Equifax still won't report it) and help her get some accounts of her own, as well as drive her everywhere until she could get a car loan to get a good car. Linda
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