Rebuilding Credit PostBankruptcy is Made Easier By Credit Monitoring Services Hereamp#039s How It Works

May 17th, 2011 by admin

If you are bankrupt and rebuilding credit, it will be helpful to monitor your progress as you add more positive information to your credit report. And one way to monitor your progress is by using a credit monitoring service.

When you declared bankrupt, you know how hard it is to raise your credit score again. At this point you know that you should take extra care and precaution in keeping your credit score safe from, or else you might become the next victim of identity theft. Bankrupt or not, you don’t want it to happen. But now that you are bankrupt, nothing will undermine your efforts in rebuilding your credit faster than having your identity stolen.

While you can do the monitoring yourself, using a credit monitoring service can be advantageous in helping you recover from bankruptcy and rebuild your credit.
Here are the following reasons.

1. Credit monitoring services usually monitor any inquiry made on your credit report and why. This helps you detect if there are any unauthorized activities being done under your name.

2. Credit monitoring services also monitor if there are any new accounts being opened in your name. One of the ways identity thieves use your information and leave you with debt is by getting a hold of your name, address and Social Security Number for them to open new accounts using your name, run up charges in that account and leave you with more debt. This delinquency will be reported on your credit report, which will hurt your credit score more. But by monitoring closely your credit file, you can protect yourself from the further damages of ID theft if you know once when someone has opened a new account in your name.

3. Credit monitoring services monitor if your mailing address on your credit card account has been changed. Identity thieves can change your mailing address, and have your statement sent to the new address so they can get more of your financial information like your credit card numbers, and run up charges on your account. And because those statements are sent to the new address, it will take long before you become aware of it. Through a credit monitoring service, you will monitor of there were changes to your mailing address.

4. Credit monitoring services monitor if there has been an increase on your credit card limit. Identity thieves can also request for an increase on your credit card and run up charges on your account. This can in turn leave you with large debt and a worse credit score if you cannot pay it on time.

5. Credit monitoring services are very convenient because you are just a mouse click away from accessing your credit report, instead of monitoring your progress yourself. This makes it a time saver as well, especially if you choose to have their email alerts delivered to your inbox on a daily basis whenever a change happens to your credit report. This will make it easier for you to see if there are any inaccurate information being added so you can correct them as soon as possible, which can help improve your credit score.

So you see, using a credit monitoring service offer many benefits to you if you are bankrupt and are rebuilding your credit. Just study what they offer and choose one that suits your needs best.

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I have bad credit does any one know of any department stores that will give you a card to help rebuild?

I have bad credit does any one know of any department stores that will give you a card to help rebuild your credit. Like walmart target ect.

Answer
try orchard. dillards and macy’s are good store cards to start with. they both give good discounts and rewards for card holders and they give small credit lines for people with bad credit.

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Rebuilding Credit Steps To Rebuilding Credit After Bankruptcy

May 14th, 2011 by admin

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Rebuilding credit is the most challenging thing for a person who has been declared as insolvent by the court. Though rebuilding credit takes a very long time, you can start up new personal financial scheme or plans.

Many people have declared insolvency when they were not able to get financial help from anywhere and when the recession struck the economy. These people had huge liabilities which could not be paid due to the poor financial status. Every person has the right to declare insolvency if he is financially broken down with nil balance in his bank account. When a person is not being able to pay his creditors, the creditor will take you to the court and files a long lawsuit against the person. The legal attorney will fight the case on behalf of the defaulter.

Once you have filed insolvency then you will not get financial help from anywhere in the future. All you can do is, start off fresh by rebuilding credit and personal finance. Here are few tips which can be useful for reconstructing your personal finance or rebuilding credit.

1. First of all, you should know how much liabilities you have. This is not a difficult task.

2. You have to start collecting your outstanding bills and calculate the total amount of liabilities you have. You can also include your insurance and other bills.

3. Now, you have to hire a bankruptcy lawyer and then seek advice from him regarding the case. The lawyer will analyse your case and then provides a good option or advice to explain insolvency.

4. When the lawyer solves the case, you will be declared as insolvent by the court.

5. When all your liabilities are consolidated, rebuilding credit will be easier. After you have been declared as insolvent, your financial credit report will be badly affected. There is no need to worry as you can start off reconstructing your finances.

6. You have to cut down your unnecessary expenditures and save money on the commodities. It is important to maintain a balance in your bank account and it will be noticed by the bank officials. You financial report is important for any kind of credit transactions. Therefore, it is important to start repairing your bad liabilities though it takes a long time. The time for repairing your credit report will many take up to a period of 7 to 10 years.

If you are over $10,000 in unsecured debt it would be wise to contact a debt settlement company while conditions are so favorable. A legitimate debt settlement company will be able to eliminate 60% of your unsecured debt on average. There are now online services that will compare debt settlement companies for consumers and provide a top performing company in their area. To locate a top performing debt settlement company in your area check out the link below.

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contact us for free debt advice = 8883613619

Poor/Fair credit cards– do they really help to rebuild your credit?

I have a credit score of 623 and would like to start building better credit. Do these cards for fair/poor credit really work to rebuild credit fast? I don’t have a credit card currently.

Answer
Сredit repair workеd fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service – credit-report-score.10001mb.com

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Life After Foreclosure Michigan Foreclosure Recovery and Rebuilding Credit

May 11th, 2011 by admin

 

Life after Foreclosure: Michigan Foreclosure Recovery and Rebuilding Credit

Life after foreclosure is a difficult time; you have just lost your home. Perhaps you’re living with family or renting an apartment. You may have lost a lot of your belongings for lack of storage space or inability to move them. Living conditions vary for those who recently went through foreclosure. No matter what your situation is, there is one thing you have in common with one another; your credit has suffered. While rebuilding your life, you also need to rebuild your credit.

 

Foreclosure Recovery Tips:

 

Establish a Budget: And stick to it! Be realistic on what you can afford; try to set at least a small amount aside each month for an emergency fund. An emergency fund should have enough in it to cover at least 6 months of monthly bills and living expenses. Proper planning is critical for survival and rebuilding your life after foreclosure.

 

 

Get a copy of your credit report: You can visit annualcreditreport.com to receive a free copy of your credit report from 3 major bureaus. It is not uncommon for credit reports to differ between bureaus or to contain errors. Look them over and be sure errors are corrected.

 

 

Restore your Credit: A credit restoration (or credit repair) kit can be purchased at most office supply stores. They contain step by step instructions and sample letters to credit bureaus and creditors. This is a long process and should be started immediately.

 

 

Rebuild your Credit: If you still have active credit cards, use them and pay them off each month. Otherwise, establish a credit card account; you may have to get a secured account, but that’s a start. Use it and pay it off, on time, every month. After about 6 months, apply for store credit or a car loan. Keep balances very low, make timely payments.

 

 

Educate yourself on Alternate Financing: It will take some time before you will be able to get a traditional mortgage or other financing. Learn all you can by researching financing alternatives for credit challenged people. The next home you purchase could be with a land contract or lease option. Find out how each works, tax advantages and payment terms to see if it fits your current financial situation.

 

 

Life after foreclosure is an overwhelming time. There is major loss to recover from and you need to rebuild. Start with a good financial plan and write down reasonable goals for the next year. Learn as much as you can about personal financial planning and saving while you are going through the process of rebuilding your credit. Foreclosure is not the end of the world; you can recover.

 

This article was written by David Smith of U-Move-On, a company who helps people find the best solution to their foreclosure problem. They provide the resources and services for help with the entire foreclosure process, credit restoration, finding another nice home, moving expenses, legal help and more. Dave enjoys using the many skills he has learned during his career to help people in foreclosure “Move On” with their lives in the best possible way.

 

Contact:

 

David Smith, Founder

400 Ann Arbor Rd #185

Plymouth, MI 48170

734-756-6050

Email: umoinfo@umoveon.com

Website: http://www.umoveon.com

U-Move-On was founded by David Smith who has over 30 years

of total experiencein foreclosures, mortgages, real estate, bankruptcy, consumer

finance, and customer service. Our unique program and experienced team of experts
will help you find the best solution to your Foreclosure Problem.For more information : http://www.umoveon.com

How do I rebuild my credit after filing chapter 7 bankruptcy?

I filed Chapter 7 bankruptcy and it has been discharged for 30 days. I am trying to rebuild my credit but am looking for any good ideas or advice on how to do this properly. Any suggestions and ideas would be appreciated.

Answer
Actually it’s very simple, you can go with a secured credit card like others have suggested or apply to Orchard Bank, First Premier, H.S.B.C. and Capital One they are all pretty good at giving credit cards to people with damaged credit or thin credit files.

The fees and interest are high but once you pay off the fees there is no reason to ever pay any interest, just use the cards for every day things like gas, lunch, food etc. and pay them off in full before the due dates and within 12-months you will have reestablished your credit and be able to get better cards and do the same thing.

I did this after my BK back in 2001 and in 18-months raised my score over 150-points.

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Prepaid Debit Cards A Smart Way To Rebuild Credit

May 8th, 2011 by admin

If you’ve had trouble in the past with credit, it can be very hard to find the path toward a stronger rate once again. With a prepaid debit card, however, you can enjoy many of the perks that a regular credit card offers. And you can use it to make the first steps needed to rebuild credit.

Credit Score not Important

For some prepaid debit options, your past history does not matter. Everyone that fills out the proper registration information is eligible for a card. The Mango MasterCard Prepaid Debit Card is an example of this. You don’t have to have a high credit score at all in order to apply for one and – better yet – get approved for it.

When you fill out an application for a prepaid debit card, you will be asked for some information about yourself and credit. In most cases, you’ll need to be 18 years or older to apply. As long as you fill out the necessary information, you can expect to get approved for the card. It will then be sent to you through the mail.

Accepted as a Credit Card

One of the benefits of having a prepaid debit card is that you’ll be able to use it in places where credit cards are accepted. You can shop online with it, make hotel reservations, and even rent a car. This gives you flexibility and opens up the door for more shopping opportunities.

To use the card, you will first need to load money onto it. Say you add $400 to your account. That becomes the amount that you can spend with the card. If you make a purchase of $100, you’ll have $300 left to spend. This makes it easy to avoid common mistakes such as going over the credit limit.

Teaches Financial Responsibility

The prepaid debit card plan allows you to load money, make purchases, track your expenses, and then add more money to your account. As you do this, you will learn the basics of budgeting and spending, and get a chance to improve your financial management skills. You’ll know how much you have, where you spend it, and how to track where it went. All of these are the first steps needed toward building a better credit history.

Some Offer Low Fees

Some prepaid debit cards charge a number of fees, including registration and maintenance fees. While some charge for many things, others do not. The Mango MasterCard Prepaid Debit Card is one that charges some of the lowest fees in the industry.

Before you fill out an application for a prepaid debit card, think about how you will use it. If you plan to use it to help build your money managing skills, then you will be able to use it to build a foundation toward better credit. By knowing how you want to use it, you’ll be much more likely to be satisfied with the card.

After filling out an application for a prepaid debit card, you’ll need to wait for an email message stating that you’ve been approved. Once you receive the card, you can start using it right away. Simply load money onto it, and then start making smart purchases. You’ll be on your way to a life of better credit.

Click Here to Find Prepaid Debit Cards Stephanie Andrews is a contributing editor of the website www.CreditCardCity.com , a credit card directory where you can apply for a new credit card with secure online applications. Visit now to compare all of the best online credit card offers.

What’s the best way to rebuild credit when still deep in debt and with past due accounts?

The debt is too deep to pay off within the next 2 years and I was wondering if there was a way to at least improve my credit while attempting to pay off my debt.

Answer
Cut back on your spending, do whatever you can to increase your income and pay down your debt over time. And over time your credit score will begin to improve. Pay off the past due accounts first. There is no fast, easy and magic way to do this. Just takes a lot of effort on your part.

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Rebuilding Credit after Bankruptcy

May 5th, 2011 by admin

Being declared bankrupt spells doom for most people because it taints the image of the debtor. Furthermore, one is bound to miss out on many other opportunities like leadership in any given company. This is why many people are looking for ways of rebuilding their credit after bankruptcy.

It begins by keeping it positive and believing that life will always give you a second chance. It is said that trust is easier lost than gained, but keep believing that it is possible to rebuild credit after bankruptcy. All you need to know is how to regain the trust of potential creditors and lenders who might have to learn about your bankruptcy through the local dailies.

Begin by training yourself to live on a cash basis although as time passes by, you will notice that this might not really be the solution and may only be for the faint heart who cannot handle debts anymore. For this reason, if you have to get anything on credit, be sure to pay it on time.

Another thing is to avoid going for property on credit, while you can just pay cash for it. In other words, avoid finance companies because they do nothing but add on to your debts and woes. Remember that finance companies such as mortgage companies are never cleared from your list of creditors even after you have filed for bankruptcy or have been decrared incapacitated. The one thing you need is to have confidence that you can do without unnecessary creditors.

Peter Gitundu Researches and Reports on Bankruptcy. For More Information On Rebuilding Credit after Bankruptcy, Read More Of His Articles Here REBUILDING CREDITYou Can Also Add Your Views About Rebuilding Credit On His Blog Here REBUILDING CREDIT

After being far behind on my mortgage, how long will it take to rebuild my damaged credit?

After losing my job, i was able to get a modified loan, where they now tacked on the thousands that i owed to the end of my 20 year loan. This has obviously damaged my credit being far behind on my payments. How long now that im able to go back to good payments will it take to rebuild my credit. And what will happen when i want to sell this home from the loan modification.

Answer
Well the good news is that you did not lose your home. The bad news is your credit will be bad for a long while. how long depends on weather you “charged off” any of your debt (bankruptcy etc.) If that is true it might take as long as 7 years or more (for GOOD credit) If you still have credit cards you may be able to do it in less time. When you sell your home that debt will be paid but getting another loan for another house may be a bit hard. So you may be “stuck” there for the duration of this process. Hope I helped……R

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Rebuilding Credit after Bankruptcy

May 2nd, 2011 by admin

Rebuilding credit after bankruptcy could prove to be be quite a challenge for some people, especially since most of them have already lost the trust of their creditors. The ability to rebuild your credit worth and trust will greatly be determined by the little actions that we sometimes think do not count. For example, make it your habit to pay your monthly bill on time no matter how small.

Do not let your bills accumulate over a long period of time since it may lead to another harsh reality of bankruptcy and the the resultant insolvency. If you still feel that you will still require a credit card, ensure that it is insured. This kind of card will be exempted from bankruptcy.

Other things that you should do include paying in advance for for your insured or secured cards. This will earn you points on your credit ranking and furthermore you will avoid the last minute rash that is otherwise avoidable. You should also refrain from co-signing for a loan with a person who may be forced to pay up on your behalf, or whom you may be forced to pay up for in case of insolvency.

More important, you can open up a savings account and take good care of it. Future potential creditors may take a look at it and consider you for credit or lending. Work out a budget that you can live on and by all means do not spend your money before you have earned it!

Peter Gitundu Researches and Reports on Bankruptcy. For More Information On Involuntary Bankruptcy, Read More Of His Articles Here INVOLUNTARY BANKRUPTCYYou Can Also Add Your Views About Involuntary Bankruptcy On His Blog Here INVOLUNTARY BANKRUPTCY

Buying a car a good way to rebuild my credit?

My credit score is 540 (it’s terrible). I was a victim of fraud via my ex-husband who abused a power of attorney I gave him during my deployment. A car dealership has a program where you put money down for a car, complete the payments in 18-months to help rebuild your credit. They report to the credit bureau every month and the payments are feasible for me. I think it is a good idea as a starting point to get my credit golden, again. Is this a good idea or can it backfire?

Serious answers only.

Answer
Sure it could backfire. There is the possibility that six months from now the car could need unforeseen repairs, your income could go away or be reduced, you or a dependent could get sick.

Do you need a car right now? If not, and this would stretch you at all, then you have to think long and hard about the risk.

Do you have any other accounts at all? If so, making your payments on them like clockwork will slowly build your credit rating, and you could be saving the money that you would otherwise be using for car payments.

I am 65 years old, and with one exception I have never bought a car on credit (paid that one off in under a year). Unless you live in a city with good public transit to get you to work (or school, or whatever is important in your life right now), don’t put yourself in a situation where the repo man can drive off with your car in the dead of night because you were late on a payment. That’s too big a risk to take. Not to mention such events would make your credit score worse, not better.

If you don’t have a car and absolutely must have one; if your income is guaranteed for the next 18 months; if you have health insurance, then maybe this is a good idea. Otherwise keep in mind there is risk along with the possible reward.

Good luck.

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Using Secured Credit Cards To Rebuild Credit How Fast Will My Credit Score Increase With a Secured Credit Card

April 29th, 2011 by admin

How fast will my credit score increase with a secured credit card? This is a good question that cannot be answered the same way for each person. While it is true a secured credit card can help to boost your credit score there are certain things that you have to do  to make sure you get the maximum benefit from it. Failure to do these things will result in your scores not increasing and your progress stalling.

How To Use Pre Paid Charge Cards To Rebuild Credit Effectively

You need to make sure that you apply for a secured credit card that actually reports each and every month to the major credit score reporting bureaus. Many of these cards on the market actually do not report, or offer reporting as a service you must pay for.. A good reputable lender however will report each month free of charge.

Here Is a Secured Credit Card That Reports To The Bureaus Every Month

You must also make every effort to make sure you use your card wisely. Many people have the intention of being responsible with their cards but often end up making the same mistakes they made in the past and over spending and winding up with more debt and lower FICO scores. The best way to get around this is to use the card for one or two small purchases every month then pay it off in full.

Here Is a Secured Credit Card That Will Help Rebuild Your Credit

You must also make every effort to pay the bill on time every month without missing a payment. If you miss a payment you risk damaging your FICO score further. And any negative marks you get by paying late will remain on your credit report for 12 months so it is in your best interest to make sure the bill gets paid in a timely manner. One of the best ways to make sure this never happens to you is to enroll in an automatic bill pay service either through the lender or a third party

Where Can I Learn More About Rebuilding My Credit

You can Learn More About Secured Credit Cards and get additional credit repair tips by visiting www.creditfix123.info

I want to rebuild my credit after bankruptcy, but what if I dont qualify for a credit card?

Bankruptcy was discharged last month (going back to 11/07) I wanna rebuild my credit, but a couple years ago I was denied a credit card, so what if I get denied again? I dont want to further hurt my credit score (650) by having all of these inquiries on it. What to do?

Answer
After my BK back in 2001 I used Orchard Bank, H.S.B.C. and First Premier.

The fees were high and the interest was insane, but I always paid everything in full every month so the interest was not a big deal.

Within 12-months I was getting offers for good cards.

Good luck.

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Rebuilding Credit History After Problematical Times

April 26th, 2011 by admin

For most people these are times of terrible trauma. But times change and situations change so don\’t let the reprieve than comes when the salary and finances get back in line be overshadowed by the troubles left on the credit report.

Following experiencing the thorny financial times, many consumers have excessive fears that the credit tribulations will go along them forever or that they may inadvertently fall back into the identical bad spending and credit habits that got them in trouble in the first place. But those things do not have to to occur if the consumer uses a little diligent planning.

To start the process of rebuilding credit should be attempted as if there had never been any credit problems and the person is starting out with a fresh slate. Understanding how credit works is the next step to productively rebuilding your economic life.

It is in effect impossible to restore credit before having control of your assets. A lack of awareness and overextended spending habits might have been the causative aspect to the troubles in the past but gaining control and being reliable with the credit is important at this time. If you deem that you will have difficulties in upgrading your credit may want to ponder working within a budget. You can make up a good financial plan on your own or with the help of a capable credit counselor.

In establishing a financial plan so that a person can rebuild credit, they are going to have to be aware of all of the expenses they have in their life. Making a detailed documentation of everyday expenditures can be quite challenging to do by simply thinking about it, so the best way to write down expenses is to mark down all of the outgoing monies day after day for over a period of two weeks to a month. People trying to reconstruct credit may see that they are already overextending their finances and should reflect on cutting out any needless expenses or seek counseling from a credit counselor.

After making up the budget with all crucial everyday expenditures accounted for the next phase is to form a reliable spending plan that you can live with. You will need to incorporate a category for saving money and using any additional funds to eradicate or diminish the remaining debt. If you have a propensity to shop on impulse you may want to put away your credit cards or checkbook to help you withstand that attraction. You should plan any shopping you do and make lists that you can stick with as you take benefit of sales.

If there are inaccuracies on the credit report, the FCRA or the Fair Credit Reporting Act will permit you to submit a dispute to get the inaccurate credit removed. After a dispute the credit reporting bureau has a specified quantity of time to substantiate the truth of the reporting or they will have to delete it from the account. It is prudent to get any inaccuracies removed from your credit report as you are trying to recreate credit.

 

Many people endure the times of fiscal hardships. They may be caused by bad judgment or terrible luck but no matter what times change and you can reconstruct your life and your credit.

Your credit score is more essential than you may recognize so for more information about credit repair services and remove judgment from credit report visit my blog today.

I have bad credit does any one know of any department stores that will give you a card to help rebuild?

I have bad credit does any one know of any department stores that will give you a card to help rebuild your credit. Like walmart target ect.

Answer
try orchard. dillards and macy’s are good store cards to start with. they both give good discounts and rewards for card holders and they give small credit lines for people with bad credit.

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Rebuilding Credit After Bankruptcy How Bankruptcy Affects Your Credit Report and How to Fix It

April 23rd, 2011 by admin

It is correct to assume that bankruptcy has many drawbacks. It can spoil your credit ranking.  Money lenders let it be bank, credit card companies, or any other firms, check the 3-digit code which is associated with debtors to find out your credit worthiness. The bankruptcy affects us in the short as well as long term. But in some cases it helps us to improve your bad credit rating. You can take a few steps in the process of rebuilding credit after bankruptcy.

It is very true that people who file for bankruptcy have bad credit rating. They have a feeling that they don’t have much to lose. The credit rating gets reduced because of late payments, less payments or no payments etc. Once bankruptcy is filed all the pending debts are no longer linked with you. You don’t owe them as your liability anymore. Your credit rating will have bankruptcy shown for next ten years. Even your late payment is shown for seven years in your credit rating. So there is nothing much difference in both. Once a bankruptcy occurs we have more chance to increase score because you don’t have any debt left with you.

Rebuilding credit after bankruptcy can be done. You can take secured credit cards. The secured card is given by banks. Banks will take some deposit money from you which will act as security money for the bank. The other way is you can take a loan with the help of another co-signer whose score is good. Banks will give you credit on the basis of positive credit of the co-signer.

Many people consult and hire the credit service provider. The repair firms have good knowledge of the financial system. They know about all the loop holes in the system and they will exploit it for you. Many fraud credit firms will also ask their customer to make a new identity. Please don’t do this. The genuine firms play a very handy role in improving your credit.

While building the credit score after bankruptcy you should make payments on time. Don’t do the same mistakes that caused you to file for bankruptcy. The credit repair firms will guide you in coming out of the bankruptcy’s bad time and will help to rebuild your credit score.

Many find themselves wanting credit report repairfor a credit score of 700+, but don’t know what is necessary to achieve this goal. Disputing negative items on your credit report can be the first step to boosting your score. Negative items on a credit report must be validated, and those that aren’t must be removed.  The end result is a credit report repair for the consumer. For more information on legal and efficient ways to repair credit, visit the following link:

Raise Credit Score

 

William Roberts is an advocate for consumer rights and a member of organizations helping citizens rebuild their financial state.

How do you rebuild your credit after filing bankruptcy?

I filed Chapter 7 this past August and I want to rebuild my credit. What are some good ways of doing this? Thanks!

Answer
Get a loan or credit card and make sure to make the payments ON TIME.

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How To Rebuild Credit Easily With Secured Credit Cards

April 20th, 2011 by admin

Have you been searching for ways to rebuild credit and get yourself back on track both credit wise and financially? Have you also been feeling like your ability to rebuild credit is a hopeless task and you have no idea where to start. Below you will find a easy way to start the process rolling and get yourself back on track.

A Simple Way To Rebuild Credit

Before you begin the process you have to look hard at yourself and your financial past and come to terms with ow your credit got to be at the low point it is at now! When you identify your past problems make a list of them so you can make sure to never repeat them again!

The next step for rebuilding your credit rating is to apply for a secured credit card. These credit cards will report to your credit report in a positive manner and give you the same purchasing power.

The only difference is that they require you to put a cash security deposit with the issuing lender that is equal to the accounts high limit, normally $250-$500. If you default on your account the lender is able to recover their losses from your security deposit. This security deposit makes the loan a risk free deal for the lender so as long as you can make the minimum payments they will approve you for a new visa or MasterCard secured credit card.

Tips For Using Your Secured Credit Card Effectively

Just opening a secured credit card account is not going to boost your scores unless you use it the right way. There are three things you can do to ensure that your new card gives your credit score the boost that it needs

Never Pay Late
Never Take The Balance over 40% of the account limit
Only use For Emergency Purchases and Do Not Get Wreckless With

Where Can I Learn More About Rebuilding My Credit

You can learn more about Secured Credit Cards and repairing your own bad credit credit scores at www.creditfix123.info

How long will it take to rebuild my credit after bankruptcy?

My wife and I are filling for bankruptcy. We have a mortgage a car loan and we are not including these in the bankruptcy and have always kept up with our payments on them. My question is how long it would take to get good enough credit if we needed to move or buy a house? Would we have a rebuilding advantage over people who don’t have mortgages or auto loans?

Answer
You have an advantage if you pay your mortgage and auto loan on time with no late payments. But unfortunately you will carry that bankruptcy with you for at least seven years. That doesn’t mean that you will not be able to get an auto loan or perhaps even a mortgage in the future but it does mean that you will not qualify for a prime rate of interest until the bankruptcy is off your credit report. You still must show a good re-payment history and this could help you with your obtaining any new loans, banks want to see good standing accounts. Good luck.

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