Post-Petition Credit Recovery Goal: Buy a Big-Ticket Item, Pay the Least Amount of Interest
Your post-petition credit recovery goal? To purchase a large ticket item while paying the least amount of interest.
The plan? To save while you wait for your credit score to go up in a high-yield savings account.
How much to save? Start with 10%. Be frugal; examine your expenses and the way you shop. Save the percentage of income that is available after you pay for your necessities.
Where Can You Save via a High-Yield Savings Account?
Shop around. Consider the following factors:
1. The Bank’s Reputation.
You need to feel safe with where you put your hard-earned/saved money. The maximum allowable FDIC guarantee is $250,000; your insurance/assurance that if the bank defaults, the US Government would repay you every penny you had in an account of up to $250,000.
2. Customer Service and Ease of Use.
- Check the online reviews (3-star ratings are some of the best ratings for banks with many receiving ratings in the 1’s).
- Check to see if the bank makes mobile banking easy.
- Check the website for the bank to make sure they are state of the art and each has an “American English” speaking support team that is very attentive and easy to deal with.
3. Interest Rate.
As of the date of this article (September 18, 2019), there are at least 3 banks with a high-interest rate for savings accounts:
- CIBC Bank USA: 2.39%
- PNC Bank: 2.35%
- CIT Bank: 2.30%
Bankruptcy Guidance in Huntington Beach, California
If you have further questions about post-petition interest, rebuilding your credit after bankruptcy, or California's bankruptcy process in general, I invite you to contact my law firm, Christiansen Law Office PC. Based in Huntington Beach, I'm proud to help individuals, families, and businesses throughout Orange County overcome their debt. Reach out today to schedule a free consultation.