Can i re-build credit after a Chapter 7 Bankruptcy with an Auto lease instead of a Credit Card?
I recently declared Chapter 7 Bankruptcy. I re-affirmed my Auto Lease. Will this help to re-build my credit score? I’ve heard the "get a credit card and use some and pay-off or keep 10%" idea. But can the lease have the same effect without having to open another credit card agian? I am looking for the easiest way to build credit without a credit card. But if i have to, i guess i will.
Posted May 30th, 2010 in Bankruptcy Q And A. Tagged: auto lease, chapter 7 bankruptcy, credit card, credit score, quot.
I went through the same thing back in 2001 and what you need to do is call your lender and make sure that they continue to report to the bureaus and then yes it will help reestablish your credit.
Using a credit card for every day things, never exceeding 30% of your limit and paying it off in full before the due date will also greatly improve your score.
May 30th, 2010 at 12:22 pmVery good question.
Let me challenge you to think differently. People tend to pull their hair out trying to play the game of lenders and banks. Did you know that a high credit score is not a wealth indicator? Begin piling up cash and stay away from credit cards and loans.
Here are a couple of really cool videos that might help you out! Good luck!
http://www.cbsnews.com/stories/2005/10/18/earlyshow/living/money/main951008.shtml
http://www.youtube.com/watch?v=iIgLyl66QxQ
May 30th, 2010 at 12:22 pmAn auto lease will help build credit if you make your payments on time.
May 30th, 2010 at 12:22 pm