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Youve asked yourself the question many times, "Will I ever get credit again?" The answer, although seemingly complex, is quite simple: Yes. You can have another chance at re-establishing your credit. Filing bankruptcy is the first intelligent step taken to wiping out accrued debts. The next step youll have to take is to repair your credit report. In order to do this, youll need to develop great patience while youre re-establishing your credit, as these things do take time.
Two or three years after youve filed bankruptcy, youll want to start rebuilding good credit. How, you ask? Apply for secured credit cards. Preferably cards without annual fees attached to them. Do your research on the internet to see what others have done in similar situations. If you come across an offer which looks to good to be true, it most likely is. Use discretion when giving out Social Security numbers and personal information online.
Start small. Dont expect anyone to hand you a $10,000 credit limit overnight. Its not going to happen. Make monthly payments in the full amount. Your payment transactions will determine how successful your new credit report will be. If youre late with payments youre heading in the wrong direction. You dont want to end up on the road to bankruptcy again, do you? Of course not.
The stronger your current financial condition is, the better candidate you may be for future credit. Convince lenders that youve left the past behind you. Youve changed your ways. Show them how youve handled money since the bankruptcy. Prompt payments made in a full amount are very impressive to a credit lender. If youre denied a major credit card, dont get distraught. Try applying for a department stores line of credit or a card issued by an oil company. These are small steps to a successful future.
About the Author
Scott Brown is a fair credit reporting advocate and the author of his own website Credit Repair, a free information site dedicated to help consumers repair bad credit and optimize their credit reports and credit scores. For more indepth information on the above topic please visit Credit Repair. sponsor
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