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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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