How to Build Credit After Chapter 13 Bankruptcy

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Build credit after Chapter 13 bankruptcy by getting prepaid credit cards with small limits and gradually showing that you can pay off debts. Make payments on time to all credit cards in order to rebuild credit with advice from an investment consultant in this free video on personal finance.

Part of the Video Series: Personal Finance & Money Management
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Video Transcript

Hi, I'm Roger Groh. We're here today to talk about how to rebuild your credit after you have filed for bankruptcy, specifically in chapter 13. Well rebuilding credit in any situation really doesn't differ. What you have to do is get your name into the databases and show that over a period of time you've made payments on time. Pretty straightforward. Best way to do it, get a credit card with a little teeny tiny limit, 100 dollars, 200 dollars, something like that and either prepay it, agree to prepay it, put up a deposit in case they don't want to lend you money and then actually go and use that card and be sure that you make the payments to that credit card company on time every time. Do that for a couple of years then when future card companies or other lenders go to look at your credit history, they're going to show that they're going to see that in fact despite your problems in the past, that you today have been making payments on time and that will help your chances of receiving a traditional loan and help you rebuild your credit. I'm Roger Groh, that's how you rebuild after a 13.


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