Bounce Back from the Brink! - Tips to Repair Credit after Bankruptcy
No one wants to resort to filing for bankruptcy, however sometimes this is a necessity. Rest assured that even after what seems to amount to financial devastation, there are ways to find your road back.
The first thing you should do is obtain a copy of your credit report. Once you receive it, peruse the document word for word and make sure you are looking at an updated version. If you find any mistakes or want to comment on anything in the report, do so in writing to the credit bureau that issued your report. There are three credit bureaus at work in the United States. The most well known is Equifax but there is also Trans Union and Experian. It does not matter which one you make contact with as they all communicate with one another on a regular basis.
Whatever debt you may presently possess, it is extremely important that you find a way to pay it off in as quick a time frame as you can. The larger a debt load you carry, especially after a bankruptcy, the worse it is for your financial state.
It is wise to apply for a credit card soon after being discharged from bankruptcy. You are not likely to be approved for an unsecured credit card, so save yourself the disappointment and apply for a secured credit card as this presents less risk to your financial institution. As a general guideline, whatever the limit on your credit card is, make sure that you keep your debt down to less than 30%.
Another option for bouncing back from bankruptcy is to apply for a small personal loan, such as $500 to $1000. Choose an amount that you know you can pay back with relative ease in a short span of time. A lack of good credit will most likely mean that you will be charged a higher interest rate than a person with good credit, however if it is in your power to pay off the loan in an expedited manner then the interest will not be a big problem for you and the benefits will outweigh the added expense.
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