Building credit after bankruptcy

[Anonymous]

My bankruptcy chapter 7 was discharged in May 2009.  I reviewed my credit to make sure that every item that was declared in banko was wiped out.  It was.  So I am okay there.  Problem is, I have no credit.  I want to get some credit to start building my score so I can buy a house within a few years.  I have my student loan on my credit still, but my husband doesn't have anything on his credit.

Who are the best credit card companies to go through to obtain credit? 

How many accounts do you need to have open?

We want to buy a home in a few years.  How soon before you are wanting a home do you need to start talking numbers and credit with a mortgage broker? 

Also is it wise to get my credit score monthly?  I have seen on this website where people track their scores every month?

Thanks!

[llecs]

I know zilch about BKs, but you'd probably want to start with a secured card from somewhere, and eventually work on getting at least one more revolving CC and maybe a store card. Use sites like whogavemecredit.com as a guide.

Other than the price, it is completely safe to pull your FICO reports each month. I'll pull ours at least 3-4x per month. The only place to get both EQ and TU FICO scores together is via this website. Regretfully, EX no longer allows consumers to pull their own FICO score. Be sure to google "myFICO discount codes" first. Also, subscribing to a monitoring service, like creditchecktotal, may be a good idea. Ignore those scores and advice, as they are not FICO-related, but as you see major changes, come back here to see the FICO score change.

[Anonymous]

Capital One and HSBC are two good credit card companies to start rebuilding after bankruptcy.  You want 2 open accounts keeping your % below 30% of your credit limit.

If you just had a bankruptcy, you have to wait 2 years from the date of your discharge so May 2011.  If you had a foreclosure in your bankruptcy, you cannot buy a home until 3 years from the date of your sheriff's sale or auction. 

A great book on this whole subject of building credit after bankruptcy is "Finding Your Way Back: The Credit Recovery Road Map."

[Anonymous]

Make sure that your credit files are not frozen. The best unsecured CC options are sent to you in the mail. (Cap 1 and HSBC, but the terms are generally better in the pre-approved offers than if you apply online.)

Other options are a credit union or a secured card. Do NOT get one of those cards that requires you to pay a series of huge fees and leaves you with almost no unused credit by the time you get the card.

[jennordy]

Depending on your scores, you may be able to qualify for a Hooters MasterCard.  Kay's and Jared Jewelers are easy to qualify for too.

Good luck.