Picking up the pieces after bankruptcy?

Jerrica
After 2 yearsWhats the "BEST" way to start picking up the pieces after bankruptcy in relation to starting a "New/Good" line of credit? Where to begin? Everyone wants to sell me a new car - I don't need one!Refinance my house/2nd morgage - I don't need this either!Tried a furniture loan - was denied (maybe 2, 500 was to much)Don't know where or how to start obtaining credit again? & what would be the best for me.Idea's please!

Alice
You should check out www.lifeafterbankruptcy.com. Stephen Snyder is the expert on helping people recover from Bankruptcy and begin the process of rebuilding their credit. He conducts free seminars nationwide and sends out an excellent newsletter for people to learn what's happening in the credit world.In fact, many people who haven't filed bankruptcy subscribe to his newsletters because he is one of the few people that know what's going on in the "inside" of the credit industry.As far as credit reporting goes, go to www.annualcreditreport.com and get copies of all 3 of your credit reports. You should begin by disputing any items that are not reporting correctly. Your immediate goal should be to get any account that was discharged in your bankruptcy to report as "Included in Bankruptcy" or to be deleted.Once you have done that you should begin the process of rebuilding your credit. First off you need to be educated about how credit works in the U.S. Every credit decision a lender makes is driven by FICO credit scores. You can go to www.myfico.com and look in the Credit Education section to learn how FICO credit scores are determined. To build your credit you have to place positive credit items on your file that will report positively for 6-12 months minimum. If you want your credit to be in the Excellent category (FICO score 750+) then your goal should be to have 3-6 revolving accounts(dept. store, gas cards, Visa. etc.) WITH NEAR ZERO BALANCES and 1-2 installment loans(car, mortgage) that are reporting positively.I would start out with a Bank of America or Wells Fargo secured Visa card. Both banks have great programs with low annual fees, low starting amounts ($300.00) and no junk fees. After 12 months of positive on time payments you will graduate to an unsecured status. Then you will probably be approved for other cards such as dept. store and gas cards.It can be done within 2 years!Good Luck

Flossie
Just Wait it out. It will all work out fine in the end. Enjoy the clean slate you have gained from the bankruptcy. Soon you will be getting invitations to get credit cards. Sign up for a free one. Use it only when you already have the money to pay for the item put away. You are already building up your credit.PS. The whole focus on good credit and buying things you can't afford right now is a trap they set to keep you paying interest. Don't get caught in it again!

Cherlyn
Get a credit card secured by your own bank account; use it; pay the bill timely.

Cinthia
The best way to start over is to remember the stress the debt has caused prior to bankruptcy. To remember the stressful situations when you were strapped with debt, and to never forget. To never again buy anything on credit unless you have the money elsewhere to cover the expense, even then resolve to your #1 rule not to have credit debt. If you don't have the money to buy the goods, dont go in debt for it. To get your credit rating started again a local bank may give you a credit card if you give a cash deposit to match the credit amount (collateral). Its a good way to get started back to creditbility. To make a car rental or weekender. In the future buy only things that appreciate in value, not things that depreciate. Always keep your expenses lower than your earnings, always!Go in debt only for a house. Work continuously on increasing your income to enable you to get that house. Because someday you should stop blowing your money away on rent that always increases. Think of ways to generate income. Get from the credit side of life to being on the owner side of life without debt. Ownership is not really owned if you owe money to someone for the asset.Be debt free and stress free so you can enjoy life . Stress has a negative impact on a persons free flowing energies, eliminate one of the causes of stress, -debt.Good Luck in your new begining.

Vivan
start out slow maybe try a small amount credit card

Clifford
The best way is to get a credit card with a small limit and make the payments on time every month. Pay more than the minimum, off if you can. This will establish a good history. This will increase your Beacon Score, which is what banks and lenders use to determine your creditworthiness. You could try AppliedCard Bank at www.appliedcard.com (i think) or Orchard Bank by HSBC. Good luck