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My BK was in August of 2010. I waited at least a year before rebuilding my credit (something I regret now) but since rebuilding I have maintained between 1-3% utilization and PIF every month. I sign up for autopay on just about everything that I can, and haven't been charged any late fees or interest. I have been doing YNAB for 7 years now, which has also been a game changer, but that's a whole different story.
My bankruptcy is going into the fourth grade and it is like it doesn't even exist. The experience of going through it is always with me, but I have grown into such a different person than when I initially filed back in the summer of 2010. I am sad that my finances had gotten to the point that I was forced to file, but I don't regret it one bit. I think the best advice I read was to take the emotional aspect out of it and look at filing bk for what it is: a business decision.
If I had to give advice to people going through bankruptcy who wish to rebuild their credit I would say start early but tred carefully. Find a budgeting program that works for you and pay in full every month. Don't let your credit card be for those "just for emergencies" scenarios, build your own emergency fund and use the card simply as a method of payment, rather than a crutch during hard times.
And just wait.... time, time, time is the biggest healing factor.
@barbaralee wrote:Don't let your credit card be for those "just for emergencies" scenarios, build your own emergency fund and use the card simply as a method of payment, rather than a crutch during hard times.
Excellent advice! Congrats on the Epic Return!
@barbaralee wrote:My BK was in August of 2010. I waited at least a year before rebuilding my credit (something I regret now) but since rebuilding I have maintained between 1-3% utilization and PIF every month. I sign up for autopay on just about everything that I can, and haven't been charged any late fees or interest. I have been doing YNAB for 7 years now, which has also been a game changer, but that's a whole different story.
My bankruptcy is going into the fourth grade and it is like it doesn't even exist. The experience of going through it is always with me, but I have grown into such a different person than when I initially filed back in the summer of 2010. I am sad that my finances had gotten to the point that I was forced to file, but I don't regret it one bit. I think the best advice I read was to take the emotional aspect out of it and look at filing bk for what it is: a business decision.
If I had to give advice to people going through bankruptcy who wish to rebuild their credit I would say start early but tred carefully. Find a budgeting program that works for you and pay in full every month. Don't let your credit card be for those "just for emergencies" scenarios, build your own emergency fund and use the card simply as a method of payment, rather than a crutch during hard times.
And just wait.... time, time, time is the biggest healing factor.
I had a BK in 2/2018 and am in the rebuilding process. YNAB has been a huge help for me too! Your post is encouraging - thanks!
Congrats on your progress and growth!