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Credit Repair
After Bankruptcy by Scott Brown
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.
About The Author:
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 indepth
information on the above topic please visit Credit
Repair.
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