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Learn How To Reestablish Credit After A Bankruptcy
Author : Vincent Polisi
When you filed bankruptcy, it probably seemed like you would never be able to get credit again. Now that your bankruptcy is discharged, it is time for you to begin considering credit repair. Believe it or not, it only takes a few easy steps to get your credit back on track.
Clean Up Credit Report Errors
The first thing you need to do is request a copy of your credit report and review it carefully. Accounts that were included in your bankruptcy may still be showing as being open and past due.
You will need to dispute these accounts with each of the three major credit bureaus. You can dispute either over the internet or via mail. It is a good idea to dispute through the mail and include documentation that supports your claim that the account was included in your bankruptcy.
Reestablishing Credit
Once your credit report is cleaned up, it is time to begin reestablishing your credit history. A secured credit card is the perfect place to start! You will need to make a small deposit, say $300, with the credit card company. The credit card company will then give you a credit card with a limit equal to your deposit.
It is important to look for a company that reports your payments to all three credit bureaus. You also want to steer clear of exorbitant fees that some companies have. Look for a card that does not have an application fee and whose annual fee is less than $50.
Once you have a secured credit card, you should go to your bank and inquire about a CD loan. This is where you open a certificate of deposit with your bank and they give you an installment loan that is collateralized by this CD. You will want to have the same term on your CD and your loan.
Most banks are willing to make these types of loans because they are fully collateralized in the event of default! Reestablishing installment credit history is very important and this is a great way to do it. Six to nine months after you open your CD loan and your secured credit card, you should be ready to apply for an unsecured credit card. Look for companies that specialize in working with people with damaged credit. Believe it or not, there are quite a few out there! By implementing these simple strategies, you will have the credit repair process well under way!
Author's Resource Box
Vincent Polisi is the founder of CreditRepairCollege.com which offers video training on credit repair education. To learn more about credit repair and getting after bankruptcy credit, please visit him on the web.
Article Source:
Articlebliss
Tags: Bankruptcy credit, bankruptcy credit score, bankruptcy credit repair, bankruptcy credit report, bankruptcy credit cards, bankruptcy credit card
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Submitted : 2010-01-10 Word Count : 1 Popularity: 193 Times Viewed: 5
