Yes. The key is to include your installment loans in with your bankruptcy. If not, the lender will look favorably on that. If you did, then your best way to rebuild your credit is to put as much money into CD's at your bank and then borrow against them. As long as they report the loan to the credit bureau, you will have installment credit started again. DON'T pay them off early. Lenders are looking for a payment history.
Posted 2011-07-16
Yes. The key is to include your installment loans in with your bankruptcy. If not, the lender will look favorably on that. If you did, then your best way to rebuild your credit is to put as much money into CD's at your bank and then borrow against them. As long as they report the loan to the credit bureau, you will have installment credit started again. DON'T pay them off early. Lenders are looking for a payment history.