Rebuilding credit in recession

[AMISLANDER]

Two years after filing bankruptcy, have a few credit cards to prove my credit trustworthiness and charge within reason on them.

I notice in the rebuilding credit boards, posters that are hours fresh of a discharge, rushing to get credit lines.

I find this behavior quite strange, especially in light of our present economy with job security shakey all over and foreclosures bigger than bankruptcy was a few years back.

Say you rack up charges, lose your job, your home, now, what do you do with the credit card bill?

[Minnymouth]

Probably in Court!!

Unfortunately, some folks start the whole credit card routine all over again as soon as they are discharged and can get their hands on cards.

Some run out and start 'BUYING' anything and everything because they now have a fresh start and debt free.... so they figure they have lots of lee-way and will be more careful this time.

Many aren't! They get just as deep in debt or even worse the 2nd time around. And now this time there is no way out unless they can file a Chapter 13..... thus ending up on a payment plan for 5 years.

Runing up new credit cards and getting lots of new credit right after bankruptcy only tells other creditors that you are "reckless" with your money like before. Many will not issue you credit for anything when they start looking at your credit record and what you have done "after bankruptcy"......

Personally, I am thankful for my "fresh start in life" my bankruptcy allowed me, and I AM USING IT WISELY here on out.

Don't want my life "messed up" like that again........ not by my hand anyways!

[Flamingo]

People still associate having credit cards as a self-esteem and ego boost in that it makes one appear established financial wise as in the past and in control. The old "me" habits of the past decades are habits that die hard. It is no longer about all the toys one has...focus has now reverted to just keeping the basic items for most people. There are just some folks who will never get it even after going through a BK (usually a Chapter 7 - folks in Chapter 13 learn how to budget over the plan years) and will probably be back on BK forums posting again in several years asking "what happened?"

[AMISLANDER]

k...Glad I heard from the best!

I thought maybe I hallucinating.

[HakunaMatata]

While I don't directly disagree with any of you, I think it's important to look at post-BK credit accumulation from all angles. Self-esteem, ego, and toys aside, perhaps these people feel the need to prove to themselves they can successfully manage credit? Or...maybe they have embraced a fresh start, set future goals (such as purchasing property) and are embarking upon the path to goal accomplishment?

[$$only4ever]

Probably in Court!!

Unfortunately, some folks start the whole credit card routine all over again as soon as they are discharged and can get their hands on cards.

Some run out and start 'BUYING' anything and everything because they now have a fresh start and debt free.... so they figure they have lots of lee-way and will be more careful this time.

Many aren't! They get just as deep in debt or even worse the 2nd time around. And now this time there is no way out unless they can file a Chapter 13..... thus ending up on a payment plan for 5 years.

Runing up new credit cards and getting lots of new credit right after bankruptcy only tells other creditors that you are "reckless" with your money like before. Many will not issue you credit for anything when they start looking at your credit record and what you have done "after bankruptcy"......

Personally, I am thankful for my "fresh start in life" my bankruptcy allowed me, and I AM USING IT WISELY here on out.

Don't want my life "messed up" like that again........ not by my hand anyways!

Amen to that Minny.