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Q:
How do I obtain limited credit after bankruptcy?

Five years ago I declared bankruptcy. Since that time I have purchased nothing on credit. I need a new vehicle and I am tired of paying rent on a home. I could really use some limited credit purchases. Is there a way to obtain some limited credit for these types of items? Could you direct me to a source? -Laura

Laura,

There are plenty of lenders out there that will finance someone with a bankruptcy. A quick search on the Internet will result in hundreds of potential lenders. Keep in mind that lenders make credit decisions based on a number of factors, not just whether or not you’ve filed for bankruptcy.

Because you have not used credit for many years, you may want to begin building a good credit rating by starting small. A secured credit card is easy to obtain and can help you to establish yourself as credit worthy. Be sure to read and understand all of the terms and conditions of any new loan.

Good Luck,

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