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Tips for Rebuilding Your Credit After Bankruptcy
Posted under by adminThis may sound strange, but the best way to reestablish your credit is by taking out new credit. In order for you to get a car loan or a mortgage you are going to have to become creditworthy again. Hopefully, you will have learned from the bankruptcy experience and it will now be easier make intelligent decisions about your financial future. By following these steps you could see your credit score rise quickly in a short period of time.
Make sure all of your accounts show charged off on your credit report or have been included in your bankruptcy. You should have zero balances for a Chapter 7. These accounts will remain on your credit record for seven years and the banktuptcy for 10 years. It’s a good idea to to contact your creditors and ask them to stop reporting them to the credit bureaus. They dont’t have to do it for you, but there is no harm in trying. Getting even one or two of them removed will help your credit score.
The next action item for you is to get new credit cards. Credit issuers probably will not be beating your door down to give you a credit card, but you can get a secured credit card. This is a credit card that is “secured” with a deposit, with the credit issuer, in an amount that will be equal to your credit limit. These types of cards usually have an annual fee and a higher than normal interest rate. The key to reestablishing your credit is to make your monthly payment on time.
Another method of reestablishing your credit is to have a friend or relative add you to their credit card account as an authorized user. You will not be responsible for the bill and it will be at the cardholders discretion whether you will be allowed to have a card. Your bankruptcy will not affect the account holders credit, but you will benefit immediately by their credit history. Keep in mind if the account holder experiences financial difficulty and it is reflected on their credit report it will also show up on yours.
Filing bankruptcy is not a death sentence. With a little bit of effort and patience you will soon have your credit reestablished and will be on your way to secure financial future.
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