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How fast can a credit score increase?

How can i increase my credit score while still in chapter 7 bankruptcy?

  • What can i do to increase my credit score and be able to buy a home ASAP while i am still in chapter 13 bankruptcy? what is the best way to repair my credit, legal/illegal

  • Answer:

    again, your going to have to wait until your Bankruptcy is over. As soon as that is resolved, immediately start practicing responsible credit management, for it will take you months and years to rebuild your credibility as a borrower. Generally, the lower your FICO scores, the higher your rates (or the more it will cost to get a decent rate). Use the following credit management tips to get yourself back on track: 1. Never spend more than 30% of your credit card limit. ex. if your limit is $1000, never spend over $300. then pay off the entire amount at the end of the month. Keeping your balances at the 30% range is an accelerater to your credit score growth. 2. Try not to maintian any more than 4-5 cards per person. 3. Most department store discounts that are applied when you sign up for thier card are dwarfed by the interest rates they charge on your balance, stay away from them if possible. 4. if you make a big purchase, like a flat screen tv, and decide to put in on a new store credit card, before the transaction is done, make sure that they extend your limit so that your starting balance is 30% of the limit. Best of Luck! Watch out for preditory lenders when purchasing a house right away, but know that you will have to pay the price for not having strong credibility as a borrower.

mjmcgee3... at Yahoo! Answers Visit the source

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you cant really until the BK is over...but I may be able to help you with a loan anyway. Email me if you want to see what I can do.

NOIZE

you have to start rebuilding your credit as soon as you get the discharge. it's a long road but worth it. i did it and only 3 years later my credit score is back up to a C rating. :D elbow grease, stamina and lots of hard work!

technical difficulties

You can't do anything until your bankruptcy is discharged. Once the court has settled everything and you have a discharge date you can begin to rebuild your credit. One way to do it is to obtain a secured credit card and then make purchases and payments when they're due. Eventually, after a few months, the credit card company will increase your credit line. But let me stress this, you cannot have any derogatory items in your credit report after the bankruptcy. You may qualify for some types of home loans if you have never owned a home. Check with a reputable realtor for advice. Most of the time the mortgage companies want to wait a minimum of two years after discharge to give you a loan. Just remember, there will be a lot of lenders wanting to sell you cars, etc. after your bankruptcy. If you buy a car or other expensive item be sure to make on-time payments. Also be ready to provide a plausible reason to a mortgage company as to the cause of your bankruptcy. Good luck.

Tom

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