Past bankruptcy recovery issues

[Laurence Smucker]

I am having problems with a past bankruptcy, what are some of the ways that you have repaired your financial record post-bankruptcy?

[Account Closed]

Originally posted by @Laurence Smucker:

I am having problems with a past bankruptcy, what are some of the ways that you have repaired your financial record post-bankruptcy?

 I used to be a loan officer. (A long time ago) and helped a bunch of people get financing after a bankruptcy or foreclosure. But, it depends on if it was a Chapt 7 or a Chapt 13. And it depends on what you are trying to do. If the bankruptcy has been discharged, write to each of Equifax, Trans Union and Experian and get your current credit report. That is the only way to get good information. Credit Karma does not replace getting a good credit report. You need to check and see that all lines of credit were properly included in the discharge.

If you want to buy a house, there are programs for waiting as short as a period as two years after filing. If you want to buy a car, they will probably want 50% down and try one of the lots on Aurora in North Seattle. Try setting up a secured credit card account at one of the local credit unions. Put $500 into savings and use about 1/3 of the amount each month for things you would normally buy and make sure to pay the card on time every month.

And, you can be added to a family members credit card account to start building credit again. 

Banks are looking for two things: 1) Being paid the correct amount, On Time 2) Every time.