When to start rebuilding

[AvisNovak]

I filed pro se chapter 7 on 12/22 and my 341 meeting is scheduled for 1/28. When would be the best time to start rebuilding my credit? After the discharge or after my 341 meeting or an entirely different timeframe?

[shipo]

The best advice is to hold off for roughly a month following your Discharge and then apply for a Secured Credit Card.

[justbroke]

To add what shipo wrote, I would also check my credit reports around 4 weeks after the discharge is entered to make sure everything was updated.

[AvisNovak]

I belong to a DIY credit repair group. Does anyone have an opinion on using "self" to help build credit and establish a payment history? You deposit money for a certain amount of time, they report to the 3 credit bureau and then you can unlock your CD minus fees and interest.

[shipo]

Sounds like a Credit Builder Loan of sorts, something many Credit Unions offer.

[justbroke]

Sounds exactly like a credit builder loan. These are good if you never had credit or do not have an "open" installment tradeline. They are known to boost your score by an average of 40 points if you have no installment history. Of course, no one really understands FICO, so that 40-point claim is just that... a claim.