Credit Repair After Bankruptcy
You've asked yourself the question many
times, "Will I ever get credit again?" The answer,
although seemingly complex, is quite simple: Yes.
You can have another chance at re-establishing your
credit. Filing bankruptcy is the first intelligent
step taken to wiping out accrued debts. The next step
you'll have to take is to repair your credit report.
In order to do this, you'll need to develop great
patience while you're re-establishing your credit,
as these things do take time.
Two or three years after you've filed
bankruptcy, you'll want to start rebuilding good credit.
How, you ask? Apply for secured credit cards. Preferably
cards without annual fees attached to them. Do your
research on the internet to see what others have done
in similar situations. If you come across an offer
which looks to good to be true, it most likely is.
Use discretion when giving out Social Security numbers
and personal information online.
Start small. Don't expect anyone to
hand you a $10,000 credit limit overnight. It's not
going to happen. Make monthly payments in the full
amount. Your payment transactions will determine how
successful your new credit report will be. If you're
late with payments you're heading in the wrong direction.
You don't want to end up on the road to bankruptcy
again, do you? Of course not.
The stronger your current financial
condition is, the better candidate you may be for
future credit. Convince lenders that you've left the
past behind you. You've changed your ways. Show them
how you've handled money since the bankruptcy. Prompt
payments made in a full amount are very impressive
to a credit lender. If you're denied a major credit
card, don't get distraught. Try applying for a department
store's line of credit or a card issued by an oil
company. These are small steps to a successful future.
Scott Brown is a fair credit reporting
advocate and the author of his own website Credit
Repair, a free information site dedicated to
help consumers repair bad credit and optimize their
credit reports and credit scores. For more in depth
information on the above topic please visit his site.
