Re: Is there life after BK?

Posted by LadynRed (199.91.33.254) on May 03, 2004 at 14:20:46:

In Reply to: Is there life after BK? posted by Another NYer on May 02, 2004 at 18:07:02:

You can start right away ! The first thing you do at about 60-90 days post-discharge is to pull all 3 credit reports and make sure that all the accounts included in bankruptcy are being reported as "included in bankruptcy", ZERO balance, no lates or charge-offs AFTER the BK filing date.

Along with that process, you do some research and find a SECURED credit card with decent rates and terms and does not report as secured and begin the credit-building process. 1 or 2 cards MAX, no more for a while. You use the card(s) a little bit every month, NEVER more than 25% utilization, and you pay them off every month.

After 2 years of squeaky clean credit (never, ever be late !), you could qualify for an FHA mortgage (not score driven).

Once you file for BK, you'll likely be inundated by credit card offers - shred them and round-file them, the rates and terms will be horrendous. YOU pick what card you want and what terms.

By the time you get to 3-4 years post-discharge, you should have reasonably good scores again as long as your diligent and careful with the credit you get and use.

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