How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask WALLSTREETESQ Your Own Question
WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17223
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
16356563
Type Your Bankruptcy Law Question Here...
WALLSTREETESQ is online now
A new question is answered every 9 seconds

Our bankruptcy was discharged a few months ago. We want to

This answer was rated:

Our bankruptcy was discharged a few months ago. We want to start improving our credit scores. What is the best way? What should we be cautious of?

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

The best way to improve your credit, is to obtain small credit lines and continue to pay them every month on time,

WALLSTREETESQ :

If you finance a car, or lease a vehicle, making timely payments would help as well,

WALLSTREETESQ :

fo not increase your balances, but do make timely monthly payments on your loans, and after one year you should see a substantial improvement in your score,

Customer:

we have already tried that and cannot even get a secured card through our bank. We don't want to buy or lease a vehicle. We like to operate without credit, we own our car and business and belongings. I only want to up my credit score. I am wondering how you feel about a secured card through orchard bank.

Customer:

right now we have credit scores around 500-600. We are not interested in accumulating debt.

WALLSTREETESQ :

Orchard bank is fine, and if they providing you a secured card it is worth it,

WALLSTREETESQ :

Do you rent?

WALLSTREETESQ :

Or do you own?

Customer:

no, we manage a wonderful apartment complex in downtown portland, we own an extremely sucessful seo company, trade most of the rent there and bring home about 10,000 a month. My husband and I are an LLC.

Customer:

we own everything we have and like it that way. We have free rent plus a wage, at the same time allowing us to opperate our own business.

WALLSTREETESQ :

What you can try is to have the landlord report monthly to the credit bureaus,

WALLSTREETESQ :

that you pay on time,,

WALLSTREETESQ :

even though you do not pay rent,

WALLSTREETESQ :

the landlord could report timely payments,

Customer:

really?? I did not know they would do that?

WALLSTREETESQ :

that will help your score,

Customer:

wow!! That was worth $30. I will ask the office, since they own both the property that we manage and the office that we rent if they will do that for us. They really like us.

WALLSTREETESQ :

Consumer credit reporting agencies Lexis Nexis, Core Logic, AAA Credit Screening Services and Rent Law collect consumer rental information. The information they collect is provided in consumer reports or specialized tenant history reports.

WALLSTREETESQ :

Their are numerous other agencies online that do this as well.

Customer:

like who?

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask

WALLSTREETESQ :

If satisfied please press the accept button so we can receive credit

Customer:

so, if I check the website link you just gave me or look at the other Consumer credit reporting agencies you listed, do you think that will help. Also, to clarify.... there are such mixed reports about Orchard Bank and other secured credit cards out there, how do I know who to trust?

WALLSTREETESQ :

The positive information can help you,

Customer:

I don't understand your last answer

WALLSTREETESQ :

Orchard bank is a reputable financial institution,

WALLSTREETESQ :

and is a valid company, I would use them over others,

Customer:

ok, thank you, XXXXX XXXXX accept.

WALLSTREETESQ :

Also, in terms of the tenant reports, it should help you

WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you

Related Bankruptcy Law Questions