When it comes to filing for bankruptcy most people believe that it will take an entire seven years before they can receive credit again. In some cases this is true but in the majority of cases there are things you can do that ensure that you can start building after bankruptcy credit right away.
The first thing you should do when you need after bankruptcy credit is to check your credit report. Your credit report is used by any prospective lenders to gauge your credit worthiness. Any small mistakes on this report can damage your chances to receive after bankruptcy credit.
Credit reports are available from several agencies online for a fee. You provide some detailed and personal information regarding yourself and your credit report will be delivered immediately after you have paid the fee.
Once you have the report youll need to be certain that you check each entry for accuracy. If there is anything incomplete or inaccurate you should contact the company that reported this information. This could be a financial institution, a credit card company or a department store.
Speak to a representative in the credit department and explain the problem. Once they agree to fix it get their word that they will be correcting it on your credit report as well. Order another credit report within a few weeks to ensure this has occurred.
If you need after bankruptcy credit but you are not comfortable with contacting companies who have reported inaccurate information yourself, than you can hire someone to do it for you.
There are several credit repair agencies who work with people wanting to secure after bankruptcy credit. They will not only look over your credit report and work with you to correct any mistakes they will also assist you with getting credit.
One way to receive after bankruptcy credit is to apply for a secured credit card. A secured credit card is offered to people who have had credit difficulties in the past. It works very well for people who need after bankruptcy credit.
The process is fairly simple. You apply for the credit card, which will be a major credit card, and you give the credit card company a deposit. This deposit will reflect your spending limit on the card. The credit card company sees this as a safe way to offer after bankruptcy credit because the funds placed on the card are covered in the event you fail to make payments.
This type of arrangement is also beneficial in that it helps you rebuild after bankruptcy credit. If you make the payments in full on time youll soon have a good reference on your credit report.
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