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Credit after bankruptcy and foreclosure
If you filed bankruptcy or went through a foreclosure recently, the chances are that your credit scores have plummeted over 150 plus FICO POINTS or more. Just because your credit scores plummeted does not mean that it will remain low forever. Your credit score drop is temporary and will eventually go back up as your bankruptcy and/or foreclosure ages. To expedite your credit score increase after filing bankruptcy or foreclosure, you should start re-establishing your credit as soon as possible. How do you re-establish your credit and what creditor will give you credit after a bankruptcy or foreclosure? Not too many. Getting unsecured credit is almost next to impossible after a bankruptcy or foreclosure but you can get several secured credit cards. Secured credit cards require you to put a deposit and the secured credit card company will issue a credit limit equivalent to the deposit Each secured credit card will boost your credit scores by 20 or more FICO points. Three to five secured credit cards is recommended. As your secured credit card ages and if you pay you credit card payments on time, the secured credit card company will gradually increase your credit limit without having to put additional deposit. I have seen people's credit scores go back up to 700 plus after a year after a bankruptcy and/or foreclosure by utilizing secured credit cards. Never be late on a secured credit card payment because they will report your delinquent payments to the three credit bureaus.


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