Credit After Bankruptcy Guide

Recovering your credit after bankruptcy can be a daunting process. It seems like an impossible feat and after going through a bankruptcy the last thing you may want to do is think about your credit. But it is not as hopeless as you may have originally thought. Because there are steps you can take to make sure that your credit is repaired properly, you can begin to rebuild almost immediately. Consumers that file for bankruptcy (both Chapter 7 and Chapter 13) are told that they will not begin to rebuild their credit for ten years. This is not true. A bankruptcy can remain on your credit report legally for ten years, this does not mean that you will not be able to rebuild your credit for that entire period of time. As a matter of fact it is even possible to have the bankruptcy removed from your credit report before the ten year sentence is over. If you properly dispute the bankruptcy with the credit bureaus you can have it removed from your credit report. It is your right as a consumer to dispute any negative items that may appear on your credit report. The credit bureaus have 30 days to verify the disputed item or it must be removed. If the item cannot be verified it has to be removed from your credit report. You can also dispute any other negative items on your credit report. And after going through a bankruptcy there are probably no shortages of negative items to dispute. Dispute every one of them. Your chances of having at least some of them removed are pretty good. Despite all that you have heard about bankruptcy, it is possible to rebuild your credit after filing. You need to start by getting positive accounts added to your credit. You can start by getting a secured credit card. If you cannot find one immediately, it is ok, some places just will simply not give you one. Don't worry, someone will eventually allow you to have a secured card and you can begin to start over. Most importantly, start off slowly. Only allow yourself two cards to begin with. As soon as you are allowed other forms of credit it is best to pay off the first two cards and get rid of them. Allow yourself time and patience when rebuilding your credit. The object is to learn from your past mistakes and begin living a new positive future.