If your credit is damaged, filing bankruptcy will not reduce your credit score by much. If you are current on your credit cards, filing bankruptcy will impact your credit score. However, rebuilding credit after bankruptcy is not difficult. After 6 months, our clients recover from bankruptcy and will start reestablishing credit. Over the next year, you can rebuild your credit by establishing a history of payment. Within one year, you will be able to achieve a credit score of around 680 points. The fact that you filed for bankruptcy will be on your credit report for 10 years. But as explained, you can rebuild your credit within one year and Take control of your life. Eliminate your bad credit history and build a better life for yourself.
Filing bankruptcy on credit card debt is a legal and expedient way to resolve your financial difficulties and establish credit anew. Call me at 818 409 8911 and let’s get started on restoring your credit fast.
You can buy a home and a mortgage within two years after filing for bankruptcy under the FHA loan program. You can also get a home loan within 3 years from a regular bank.
Steps to Take after Bankruptcy To Start Rebuilding Your Credit after Bankruptcy.
- First, order a copy of your credit report for Free You are entitled to a free copy of your credit report from all 3 credit reporting agencies once every 12 months. Start by reviewing the information reflected in your credit report. Get a copy of your Free Credit Report from here
- Second, apply for Secured Credit cards to help rebuild your credit after Bankruptcy. Once your bankruptcy is completed and you received a discharge, begin rebuilding your credit by applying for a secured credit card. They will start reporting your transaction history. Once you charge and pay off, these transactions will begin to rebuild your credit score.
- Third, if you need to buy a car, Bankruptcy Car Loan – Car Loans after Bankruptcy are available. You should review your current finances and your credit scores before thinking of a bankruptcy car loan. You can file one Chapter 7 bankruptcy every eight years. The maximum duration of any car loan is 6 years. Therefore, the lender is sure that the buyer of the car cannot resort to bankruptcy. This decreases the risk of lending for the lender. However, for any Car Loan after Bankruptcy or Auto Finance after Bankruptcy one should be clear about the terms and conditions especially the rate of interest and the monthly payments. You can apply for a loan here
Call us at 818 409 8911 and learn more about bankruptcy and rebuilding credit after bankruptcy.
Want to know more? Here is a video explaining why personal bankruptcy is the quickest way to rebuild your credit.