Kansas City Area Bankruptcy Firm
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Rebuild Credit with $500 Secured CC

Kansas City Bankruptcy Attorneys

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 new line of credit that is managed well and paid promptly. This will be the only account that will affect your score in the time immediately preceding your bankruptcy filing. We advise our clients to obtain a secured credit card shortly after they file their case. 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 good idea is to use it like a gas card or to charge one of your utilities each month, but be sure to pay off the card balance every month on time.

On average, we have seen our clients that have used the secured card in this fashion restore their credit within 18 months to 3 years. Usually, they find that their score will land between 650 and 700 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.

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

  1. DO NOT apply for multiple lines of credit during this time
  2. DO NOT habitually check your credit more than once per year
  3. Above all, DO NOT take out other loans and fall behind

As all of these things will damage your credit as you are attempting to rebuild it.

Rave Reviews from
Happy Clients

  • You all have been beyond awesome!

    “Hill, you all have been beyond awesome…and really have gone out of the way to make this a painless experience”

    Ms. D

  • Thank you for all of your assistance.

    “Thank you for all of your assistance. I have had a couple of people at work ask me about my bankruptcy attorney. I have said nothing but good things about Hill and the folks at your office. I hope everyone has a fantastic weekend.”

    Mrs. A

  • I will most certainly recommend you guys.

    “Great news. I received my secured credit card over the weekend, so timing was perfect. I will most certainly recommend you guys.”

    Mr. M

  • I really appreciate your help.

    “The judge ruled that they give me back the cost of the car plus court fee. It was a long process but God helped me through all the steps by providing people like you to help me out. I really appreciate your help. God bless!”

    Ms. F

  • 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.