Expert: David McArthur - 3/25/2009

Question
Before I started having financial difficulty and went into bankruptcy my credit score was 760. I am preparing to discharge my bankruptcy in August 2009. I am wondering should I open 2 Secured Credit Cards now, one for $1,000 and $750 or should I wait until discharge. I have learned a great deal from this experience, as I do manage my finances better and have $20K saved. I am hoping to purchase my first home within a year to two after bankruptcy discharge.

Please advise me.

Answer
Hi Denise,

Here are some good steps to rebuild quickly


1.  Obtain a copy of your credit reports.  Review to see what negative items are holding your score back.

2.  Work toward having the negative items removed...visit www.financialscoringsolutions.com to start that.

3.  Get a CD secured loan and a secured credit card from a bank or credit union only. Size does not matter.

These steps should give you a quick boost in your score in about 30-45 days.  You'll get a really good results in about a year.

Feel free to call if you have a question.

David
219-718-8566