When you are fresh from bankruptcy, you may decide you never want to touch a piece of plastic again. But here are some questions to consider: - Do I want to buy a house? Do I need to buy a car? Do I have kids that need help for college? If you answered yes to any of these questions, can you pay cash? If not, you will need to secure a mortgage, auto financing, or a student loan sometime in the future, and you will need to rebuild your credit history for that purpose. - What about buying a cell phone? Renting an apartment? Most apartment managers or landlords will ask to run your credit as a condition of renting. Even cell phone companies will run your credit when you sign up for service. So more than likely you will need a decent credit score for any number of things. - Credit cards, carefully selected and used, can be a good way to rebuild your credit. Credit card offers may already be flooding your mailbox. Most of them will not be worth pursuing. But if … [Read more...]
