A Post-Bankruptcy Credit-Boosting Secret

Whenever people talk about ways to bounce back from a bankruptcy credit-wise, they talk about the few methods:  secured credit cards and loans.  These 2 methods are great, but there is a 3rd one you should know about.  It takes relatively little work on your part and pays solid dividends:  become an authorized user on the credit card of a parent, sibling, or close friend.  You don't actually use the card yourself.  You just gain the status of authorized user. 

Piggybacking for Credit

Also known as "piggybacking," when you're an authorized user your own bankruptcy filing will not affect the other person's credit, YET you will receive the credit-boosting benefit of the credit card's account history on your credit report.  As your credit improves, you may become eligible for lower rates on post bankruptcy car loans, as well as a credit card of your own and even home loans within a couple of years.

Of course, it's of paramount importance that the credit card is used in a responsible manner, that payments are always made on time, and that the primary user doesn't carry a credit-souring high balance on the card.  So pick the right friend or relative to approach on the subject:  a financially responsible individual with good credit.