Recovering from Bankruptcy!
If you have been through a bankruptcy, you probably know that the sooner you can get your life back to normal the better. While credit may be the last thing on your mind, the sooner you can rectify your credit situation the better. Many people would have you believe that you will not be able to get any credit for at least ten years. While it is true that a record of your bankruptcy will stay on your credit report for 10 years, that does not mean that you will not be able to get credit during this time. In fact, if you play your cards right you can qualify for a mortgage in as little as two years. (Three if you had a foreclosure as well.)
So, how can you fix bad credit? The first thing you need to do is get a copy of your credit report from each of the three credit bureaus. You need to review your reports and make sure that you don’t have any accounts that are reporting to be currently past due when they were included in your bankruptcy. Many creditors will neglect to report that a debt was discharged in a bankruptcy. It is up to you to correct this by disputing the items with the credit bureaus. You will want to include a copy of your bankruptcy discharge with your dispute, as well as proof that the debt was included in your bankruptcy.
After you have cleaned up your credit report, it is time to think about getting after bankruptcy credit. The easiest place to start is with a secured credit card. You can get a secured credit card the day you receive your bankruptcy discharged because approval is based on the deposit you make. You might also consider getting a CD loan at your bank. By establishing good new credit and managing it properly, you can be on the road to financial recovery in no time!
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.