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have just finished a Chapter 13 banruptcy, can I get a credit card to begin building credit. The... |
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Date:
February 7, 2007, 9:29 pm |
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have just finished a Chapter 13 banruptcy, can I get a credit card to begin building credit. The finall paper work hasn't been completed, I paid off the chap 13 in December 2007. I do have a few outstanding/late medicals bills, now but desire to get a card, to use for small purchase & pay off, immediately. I want one that reports monthly to the credit bureaus |
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Answer:
If you’ve made all the necessary steps to extinguish your debts and your bankruptcy is final, there seems to be nothing that prevents you from getting a credit card to begin rebuilding your credit history. Actually, if you pay even part of your debts, you might be able to take credit (certainly, the remaining debts and bills are to be paid off). You can find obtaining credit quite easy, because you have relieved yourself of their prior debts or because your creditors know you cannot file another bankruptcy case for a period of time.
A good way to begin re-establishing your credit is via secured credit cards. Suchlike cards require a specific amount of money (as little as $200) in an account at the bank issuing the card to guarantee payment. Usually, the credit limit is equal to the security. Unsecured credit cards can be beneficial, if you’d like to purchase with the card.
Another variant which is also reliable, is rebuilding your credit with co-signer credit card. You can ask your friend or relative with a good credit history to be your co-signer. He applies for good credit cards. When he is approved you can be signed up as a co-borrower of this credit card. Both of you will be responsible for the credit, as in case you fail to pay off the balance, your co-signer will have to do it. |
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