In this article we discuss strategies to help with Bankruptcy Credit Repair.
Bankruptcy is considered as a poison that will certainly destroy your credit reports and thus making credit repair impossible. This is what people think, in reality it is not true though. There are steps that can be taken to improve your credit score after you have filed for bankruptcy.
Repairing Your Credit After Bankruptcy
We frequently hear such ridiculous statements from the so-called financial experts as far as bankruptcy and credit scores are concerned. There will be no doubt that the bankruptcy mark on your credit report would cause a negative impact on you ranging from eight to ten years at the most.
However, this is not yet the end of everything because no matter what happens, you need not to stop monitoring and updating your credit report. Are you aware that certain debts that are discharged by bankruptcy may still be manifested as a due in your report? If you are able to get rid of this information, then it is most likely for you to have an automatically improved score.
What you need to do is make positive progress. The best way to do this is by getting “good” accounts in your history whilst you bankruptcy ages. After a number of years you will then be in a strong position to get new credit. It is important you do not apply for credit though until your situation has changed and progressed to a good state.
Suggested Steps For Bankruptcy Credit Repair
Below are some steps you can take to strengthen your history and repair your credit score.
- Get a Secured Card – a proven way to repair your credit history. This is a credit card guaranteed by a security deposit therefore repayment of the amount borrowed is assured and you wont miss payments
- Get a Store Card – A good thing to try for after a few years with your Secured Card
- Try to get a small loan or car loan. This will give you a good history with a positive installment account.
- Apply for a Credit Card. This is the last step a number of years after bankruptcy. If you fail in your application then it is advised to leave it for a further 6-12 months before trying again.
There are many people who adopt a negative view and directly point out that there is no amount of effort is going to save you from the culprits and effects of bankruptcy most especially to the ones who have not yet filed for their bankruptcy.
Bankruptcy Credit Repair Is Possible
If you are earning a high income, have a reasonably high and competent score despite the fact that you have had a bankruptcy and are ready to offer a down payment, then you are most likely qualified to get a secured loan. Of course, there will be people who are going to say that that is an impossible thing to happen. If you have aging positive accounts again though then it will not be.
Bankruptcy credit repair will become possible if you manage to fix your credit score. After removal of errors, improve your credit by using secured credit cards and the steps suggested above. This will certainly be a slow process but the solutions offered by credit repair experts can help you make a better and positive in your financial status.