Rebuilding my credit after bankruptcy
June 1, 2012 7:48 PM Subscribe
Chapter 7 bankruptcy will be discharged in 60 days. What should I do to start rebuilding my credit?
posted by anonymous to work & money (14 answers total) 5 users marked this as a favorite
My case will be discharged in 60 days. I'd like to know the best way to start building up my new financial life.
Couple of details:
1) I'm in a pretty good financial position with regard to income/expense now that my debts have been discharged. I make about 50k a year and pay about $900 for rent/utilities/ect. Other than a cell phone bill, $100 for student loan payments, $380 for a car and insurance, I don't have any fixed expenses.
2) My 2006 sedan is beginning to act up a bit. I have about $3500 in equity off the blue book value even with repairs. A new, more fuel efficient vehicle would be nice. Is it advisable to purchase one soon after a bk? I can afford the $285 a month I'm paying on my car now. I realize my interest rate will suck, but I've heard re-financing after 6 months or so of payments can be worthwhile and used car prices are quite high right now. Is this realistic?
3) Are any of the card offers I'm being inundated with worthwhile? A specific card or company would be appreciated. I've for sure learned my lesson about debt and will not be making the same mistakes again, but I'm 29 and realize credit is an important tool. Also, car rentals, hotels, and work expenses make CCs a bit of a necessity.