Repair Your Credit After Bankruptcy
Despite what you might think, a bankruptcy does not mean the end of good credit forever. It is quite possible to repair your credit after you have filed bankruptcy. For the most part, it might even be easier than if you still owed the bad debts and were trying to repair your credit reports. You must realize that repairing a bankruptcy on your credit will take some time and patience as all accounts associated with the bankruptcy will have to be cleared as well.
First of all, if you think that fixing your credit reports once you have filed bankruptcy will be fun, please think again. There are some things that you must learn before attempting to clear your credit or you can and will do more harm than good. You must also realize that re-establishing credit after your bankruptcy will take some time. Please do not expect this process to take 24 hrs!
Please follow these simple proven stepd to help to clean your bankruptcy on credit including:
Keep any accounts open that Do Not have to be included in your bankruptcy. The account history of these items will simply help to improve your credit score faster than if you included every account that you had. So, if you have any credit accounts that have good payment history and little or no balance, please keep these accounts open or re-affirm them in your bankruptcy papers. The positive history of these accounts will stay on your credit report.
Hire a professional to clean your credit report from all errors. The simple fact is once you file bankruptcy; your credit reports will be full of errors. A lot of creditors simply do not update accounts once they have been written off. These accounts will be easy for a professional credit repair service to remove from your credit report. Removing as much negative as possible will make the positive credit that you have and establish that much more powerful.
Slowly apply for new credit once you have seen a fair amount of the negative items cleared from your credit report by the professional credit repair service that you hired. The new accounts (along with any old accounts that you might have kept open) will offset any negative information that you might still have on your credit reports from your bankruptcy. Remember the 30% rule of thumb: Keep all balances on credit cards below 30% of your available limit to have as much positive impact as possible! Do not run up the balances of your new cards!
First of all, if you think that fixing your credit reports once you have filed bankruptcy will be fun, please think again. There are some things that you must learn before attempting to clear your credit or you can and will do more harm than good. You must also realize that re-establishing credit after your bankruptcy will take some time. Please do not expect this process to take 24 hrs!
Please follow these simple proven stepd to help to clean your bankruptcy on credit including:
Keep any accounts open that Do Not have to be included in your bankruptcy. The account history of these items will simply help to improve your credit score faster than if you included every account that you had. So, if you have any credit accounts that have good payment history and little or no balance, please keep these accounts open or re-affirm them in your bankruptcy papers. The positive history of these accounts will stay on your credit report.
Hire a professional to clean your credit report from all errors. The simple fact is once you file bankruptcy; your credit reports will be full of errors. A lot of creditors simply do not update accounts once they have been written off. These accounts will be easy for a professional credit repair service to remove from your credit report. Removing as much negative as possible will make the positive credit that you have and establish that much more powerful.
Slowly apply for new credit once you have seen a fair amount of the negative items cleared from your credit report by the professional credit repair service that you hired. The new accounts (along with any old accounts that you might have kept open) will offset any negative information that you might still have on your credit reports from your bankruptcy. Remember the 30% rule of thumb: Keep all balances on credit cards below 30% of your available limit to have as much positive impact as possible! Do not run up the balances of your new cards!
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