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KEYWORD: credit repair after bankruptcy (7)

Posted by | Posted in Debt Management | Posted on 01-05-2010

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Take Credit Repair after Bankruptcy Step by Step

Getting credit again after bankruptcy is a concern that seems too complex but it is in its real sense simple. Yes. One can have another chance at re-establishing his or her credit. This is through the process of credit repair after bankruptcy. In order to obtain this, one must develop great patience because re – establishing one’s credit do take time.

In credit repair after bankruptcy credit worthiness is important. Credit worthiness is usually measured by one’s credit history, which represents one’s financial reputation among creditors. Failing to pay off one’s credit card debt, not paying off the minimum monthly amount, missing a payment or not making one’s payments on time can lead one person on a path to damaged credit So if one is planning to do credit repair after bankruptcy it is important that his or her credit shows worthiness.

Satisfying all the demands of a  bankruptcy case is obviously the first intelligent step taken to credit repair after bankruptcy. The next step one will have to take is repairing one’s credit report. A credit report usually includes the approximate amounts and locations of a person’s bank accounts, charge accounts, loans, and other debts, bill-paying habits, defaults, bankruptcies, foreclosures, marital status, occupation, income and lawsuits.

Two or three years after filing for bankruptcy, there should be a possibility that one will want to start rebuilding good credit by applying for secured credit cards, preferably cards without annual fees attached to them. One could also do a research on the internet to see what others have done in similar situations.

In doing credit repair after bankruptcy, it is germane to start small. It is unrealistic to expect anyone to hand a person doing a credit repair after bankruptcy a $10,000 credit limit overnight. It will never happen. One should make monthly payments in the full amount. A person’s payment transactions will determine how successful his or her new credit report will be. One must never be late with payments for it could be another road to bad credit history.

In doing credit repair after bankruptcy, the stronger is a person’s current financial condition, the better. It is a must to convince lenders that one has left the bankruptcy behind. One must show that he or she is able to manage  money matters after the bankruptcy in such an efficient way. Prompt payments made in a full amount are very impressive to a credit lender.

However, if one is denied of a major credit card, he or she should not get distraught, and instead, he should try applying for a department store’s line of credit or a card issued by an oil company. These are small steps to start rebuilding a credit future.

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