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Getting Credit after Bankruptcy

Overdraft charges
It is a common myth that after filing for Bankruptcy, it takes up to ten years to get credit again.  This isn't true at all.  In fact, there are many ways to get credit after Bankruptcy:
  • Secured Credit Cards - Secured cards are so easy to get that they are often called "guaranteed credit cards". Basically, it is a pre-paid credit card. Make sure to find one that reports to all three credit bureaus and you will be quickly on your way back to reestablishing your credit.
  • Unsecured Credit Cards - If six months or more has passed since your bankruptcy discharge, you may be able to qualify for an unsecured credit card. You want to seek out companies that work with people with bad credit.
  • Pre-paid Lease - If you need a new car, and have saved up enough money to pay cash for it, you should consider a pre-paid lease.  You sign a lease for a car for a set term (usually 24 months) You will pay all 24 payments up-front.   This will be reported as a positive item on your credit report.  Not all auto companies offer this, but some will report the payments monthly as if it was a normal lease.  All of your payments will be reported as paid on time!
  • CD Loans - To get a faster increase your credit score, it is important to have both revolving and installment debt.  Visit your bank and see if they could give you a CD loan.  If they do, you will have an installment loan with the CD as collateral. Because the CD is fully secured, most banks are not concerned with what your credit looks like.

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