How to Get Credit After a Second Bankruptcy
Bankruptcy is a devastating step to take. If you do file bankruptcy and then find yourself in over your head again, you may have to file a second bankruptcy when enough time passes. This ends up on your credit report, but it doesn't mean you can't get credit again. Follow these rules and guidelines to re-estabish good credit.
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Instructions
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Check your credit report with the credit reporting agencies. The only item on your report should be the bankruptcy. Check your report regularly, and report mistakes as soon as you see them.
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Open a savings account with your bank and apply for a secured credit card. They can hold your savings against the balance on the credit card. Not every bank offers secured credit cards or loans, but check in your area for one that does.
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Accept the best terms credit card offer that you get if you can't find a secured card program. This won't be good terms at all. This will be the highest interest rate and the lowest credit limit. Take it anyway.
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Charge a small amount such as $100 on your new credit card. Use this to pay a bill so you are not running up a new debt. Pay the minimum plus $10 on this credit card each month until you pay it in full.
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Take the money you would have used to pay that bill and put it in a savings account, if you can open one.
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Continue with this program to get better credit offers, and don't forget to check the credit report to make sure the bankruptcy and your new credit card are the only items agencies are reporting.
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