Can you answer smom’s question about Credit Repair?:

How long before I can reestablish my credit after I file for bankruptcy I want to buy a house in the next year or two. I am in school right now to be a RN. I am currently looking for work.

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There are millions of Americans that are in debt and a lot of them are doing nothing about it. Instead, they sit back and whine to others on why they can’t rebuild credit or make any progress on their debt? Why is this? It’s simple; these are the unmotivated, lazy people of America. They aren’t taking any steps to make progress on their bills and instead of doing something, they would rather complain until your ear falls. Guess what America!? No one cares if you’re in debt, join the crowd.

Now, if that isn’t enough to bring you into reality, I don’t know what is. I’m going to show you a few tips on how you can rebuild your credit and what you should look out when you do decide to rebuild it. I’m going to talk to you a little bit about secured credit cards. If you don’t know what a secured card is, it’s a credit card designed for people with bad credit who are looking to rebuild or reestablish their credit. Just like a credit card, the only difference is that this card will require that you have a deposit on your account so that if you don’t pay your bills, the credit card company will have money to take from you without have to worry about trying to get it out of you.

Here are a few things you should look out for when you do decide that you want to apply for a secured credit card -

The annual fee - The annual fee is one the biggest fees on a secured credit card. While it’s rare to find a card with no annual fee, it’s possible but make sure that when you do apply that you’re aware of the annual fee. This is the fee you’re going to have to pay regardless of what you do with your card. As long as the card is active, you’ll have to pay it.

Deposit - As mentioned above, you’re going to have to give the credit card company a deposit in order to open the card. Since your credit will be fairly bad, this is the reason they will ask for it. Make sure that you’re aware of how much you’re going to have to deposit in order to open the card. This will range anywhere from a few dollars to as much as a few hundred dollars.

Do they report? - One of the reasons you’ll be getting a secured credit card is because you’ll want to rebuild your credit. You’re going to want to make sure that these cards report to all of the three credit bureaus. When you apply, make sure that you check out to see if they do. This will always be in the terms. If the card doesn’t, you’ll want to look elsewhere.

When it comes to rebuilding your credit, this is one option in doing so. Make sure that you follow these tips above and do your research. If you can accomplish this, you’ll be able to rebuild and reestablish your credit in no time!



Thanks to Tom Tessin for contributing this article to our Credit Repair blog:

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Can you answer Mamaof4’s question about Credit Repair?:

I’m working to reestablish a good credit score / report. I know that I cannot do this with loans - nor do I want too. But what I’m trying to find out is if anyone has any experience with secured credit cards? There are a tone out there but do any of them report to the big three credit bureaus? I’m having a hard time finding the answer!

Thanks!

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Can you answer pitopr21’s question about Credit Repair?:

What is the truth about personal bankruptcy? I find myself in a significant amount of debt and is contemplating bankruptcy. Most of my debt is old but due to a recent job loss It’s going to be impossible for me to make reasonable arrangements. How long before I can start to reestablish my credit? I would like to hear from anyone who has gone through the process and can give me an idea on what awaits.

Thanks.

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