Rebuilding Your Credit – Life After Bankruptcy

Rebuilding Your Credit – Life After Bankruptcy!
Contrary to the popular belief Bankruptcy in most cases helps your credit. When you file Bankruptcy, you start the credit building process over again. Any of the negative items currently on your credit will no longer hold you back. Within two to three years you can have good credit again.

 

5 Steps to rebuilding your credit:

  1. File for Bankruptcy. Call us today to for a consultation.
  2. Wait 45 days after filing. Then go to annualcreditreport.com and pull your credit report. Make sure all your creditors are reporting your accounts in bankruptcy.
  3. After your bankruptcy case is closed, borrow a small amount of money from a lender and pay it off on time.
  4. After 24 months of repayment your score is typically back over a 650 to 700. (Scores range from 300 to 850 and are used to predict how likely you are to pay your bills on time. The higher the score, the better off your are.)
  5. Check your credit report every year on annualcreditreport.com.

Your right to one(1) free credit report per year is mandated under the Fair and Accurate Credit Transaction Act of 2003. Unlike the credit report, information about your credit score is not free. But it’s more important. Your score can affect many things, including your ability to get loans, your insurance premiums, and even your employment. Pay the few additional dollars to get your score and insure you are maintaining a good rating. You can use your credit report to correct errors, spot fraud, and thwart the increasing threat of identity theft.