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Great...you're on the right track. As you seen from subsequent postings, there are a number of competing theories on the "right" way to reestablish credit. As a loan officer for the past half-dozen years, these are all shades of gray.
After a bankruptcy, first and foremost, it's imperative to get copies of your reports - 99 times out of 100, there will be accounts that aren't updated from the bankruptcy. Secondly you need a couple of accounts open and active. I advise my clients to try for three....and no lates. If the accounts are credits cards, try to carry a max balance of about 1/3 the credit limit. If it's a Capital One credit card, carry a max balance about 1/3 of your high balance (Cap One does things their own way). Right now, you need time between yourselves and your negative accounts. Keep it up and you'll get where you want to be.
Last edited by ChipL; 08-26-2007 at 08:33 AM..
Reason: grammar
I want to keep the amount I charge on them each month small though. We've always been that way about credit cards but when my husband was unemployed for such a long period and we were getting more desperate trying to keep our heads above water, we started to max them all out. That's what we're dealing with cleaning up today.
I do still have my AMEX card which I've had since 1981!
In this case small is better if going to charge every month, that's right.
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