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:

DO NOT apply for multiple lines of credit during this time
DO NOT habitually check your credit more than once per year
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

An extra thank you to Hill
“An extra thank you to Hill for his time and attention and kindness yesterday. Feeling great moving forward with this organization.”

Mrs. K
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
You showed impeccable character and integrity and I am forever grateful!
“It's been a couple of years now since I completed my bankruptcy but I feel compelled to leave a review for Mr. Moore and his entire staff. This a judgment free place. They held my hand, explained the entire process to me each step of the way, and answered every single question I had. Make no mistake, the decision to file is difficult, but when you have a firm like this in your corner, they become your protectors and will do just that. No more creditors calling all hours relieved my anxiety and the payment plan was so easy. Please, accept my sincerest gratitude, Mr. Moore. You showed impeccable character and integrity and I am forever grateful.”

Lisa H
I was totally impressed and satisfied with all of the members of the Moore & Associates.
“I was totally impressed and satisfied with all of the members of the Moore & Associates law firm. They are friendly and professional in every manner. I thank them for their continued support.”

Mr. S
I'm so, so grateful!
“Dear Ms. Skinner, I can't thank you enough for all that you, Mr. Moore, Amanda, and all of the staff have done on my behalf. I will most definitely refer you to others. I wish Moore and Associates all the very best in the future. Well done! I'm so, so grateful! :)”

Ms. R.