Kansas City Area Bankruptcy Firm
No Cash Upfront Options Available 913.225.8330 816.656.2652
Restore Your Credit, Reclaim Your Life Contact Moore & Associates, LLC
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Rebuild Credit No Deposit Required

Shortly after the filing of your bankruptcy is an optimal time to start rebuilding your credit. In order to do this, you must create a POST FILING TRADE LINE, a source of credit activity after the filing of your case. Any post-filing credit activity must be managed well and paid promptly. These will be the only accounts that affect your FICO credit score after your bankruptcy is filed.

Step 1: Save & create your first POST FILING TRADE LINE.

Many of our clients have had success with a service called www.selflender.com. This service allows you to set up a schedule of 12 monthly $50 payments into a savings CD (Certificate of Deposit). The payments are reported to all three credit bureaus and will establish your post-filing credit activity. BE SURE TO SET THESE PAYMENTS UP ON AUTO DEBIT out of your bank account so they are made on time. At the end of the year your savings CD will be paid off.

Step 2: Cash in your CD of approximated $550 and use it to set up a SECURED CREDIT CARD. There are many lenders that offer this service.

A secured credit card uses money you place in a savings account which serves as collateral for your credit card. Your credit line is based on your income, ability to pay, and the amount of your cash collateral deposit. For example, if you put $500 into the savings account, your available credit line will usually be $500. The best way to increase your credit score is to charge 20-40% of your credit limit (in this example $100-$200) every month and PAY IT OFF IN FULL AT THE END OF EACH MONTH. Do not carry a balance and do not charge more than 20-40% of the limit each month. A couple of responsible ways to use it are to charge your gas each month, pay your car insurance monthly or to charge one of your monthly utilities, but be sure to pay off the card balance off in full every month on time.

Step 3: Repeat Step 1 with www.selflender.com so you can maintain two post filing credit lines while establishing your EMERGENCY SAVINGS FUND.

At this point you will be making two monthly payments that will serve to increase your credit score; 1) the monthly payment on your secured credit card and 2) the $50 monthly payment to establish a new $550 savings CD. At the end of your second year you should have $1,000 in savings, $500 in the savings CD and $500 with the secured CC issuing bank. After you have established these accounts, if you ever have unexpected expenses like car troubles or an unexpected medical bill, you can rely on your savings rather than turning to credit cards or other forms of debt.

On average, we have seen our clients that have successfully followed these steps restore their credit in 2 to 3 years. Usually, they find that their score will land between 650 and 750 within that time frame. Good credit does not happen overnight. This process takes time and discipline. However, if you follow these steps you will see your score improve dramatically.

Additionally, please be sure not to do any of the following:

  1. DO NOT apply for multiple lines of credit during this time
  2. DON’T habitually check your credit score unless using a credit monitoring service like Credit Karma
  3. Above all, DO NOT take out other loans and fall behind on the payments.

These actions will damage your credit as you are attempting to rebuild it.

Rave Reviews from
Happy Clients

  • Moore and Associates made us feel comfortable.

    “Moore and Associates made us feel comfortable during this very difficult time for our family. They were definitely professional as well as personable and kind. I will recommend Hill and his staff to family and friends if they too are faced with a situation such as ours.”

    Mrs. R.

  • Thank You Very Much

    “Thank you very much. I am very pleased with everything and I fully intend on recommending your firm to anyone I can. Hill, you and your staff made this necessary ordeal a smooth process and gave me the advice and support I never got the first time I filed with my previous attorney.”

    Ms. M

  • Your entire staff has been very helpful.

    “Your entire staff has been very helpful, courteous and prompt with every question or need that I had. The entire process has been seamless and quiet smooth. It has been a pleasure working with all of you.”

    Mrs. S

  • The professionalism and attention to detail were amazing.

    “To say Moore & Associates were helpful is an understatement. The professionalism and attention to detail were amazing. I was working 3 jobs at the time, and trying to just keep my head above water and was slowly giving up on the idea that there was anyone who could help. I had talked with other law offices and I felt like just a number to them. That was not the case with Moore & Associates.”

    Mr. S.

  • I’m very grateful.

    “I just wanted to say thank you so very much for the letter that you drafted for me to help assure people that my Chapter 13 will not hurt them. I am convinced that without that letter I would not have been able to rent the apartment from the complex that I wanted to rent from. I just wanted to take a minute and tell you how much I appreciate all of your help and I’m very grateful that you took the time to create that letter for me. I hope that you have a very Happy Holiday season.”

    Ms. M