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Personal Bankruptcy and Credit Cards to Rebuild Credit
2010-08-01
Why Americans declare bankruptcy, and how to rehabilitate credit
Who’s filing for bankruptcy in America? What’s to blame for the sudden spike in personal bankruptcy filings? And if you’ve got bad credit, what can you do to raise your credit score?
We crunched the numbers to present you with comprehensive statistics on bankruptcy in America, including the number of filings over time, the reasons that people declare bankruptcy, and the demographics of those who file.
We also have resources for those with bad credit. If you’ve got a low FICO score, you can use a secured credit card to reestablish a solid payment history. Some banks want you to be out of bankruptcy for a year before they’ll qualify you, while others like Household Bank, Orchard Bank and Capital One will take you right out of bankruptcy, so long as you can make the deposit.