Consumers do not have to live sans credit following a bankruptcy. By following certain steps consumers can begin rebuilding their credit post bankruptcy.
After filing for bankruptcy, many people are concerned about rebuilding their credit. While it might be difficult to begin rebuilding your credit after a bankruptcy, it is not entirely impossible. You will notice early on that you will have to pay higher interest rates. This is because creditors deem you as a risk because of your bankruptcy filing. Once you begin rebuilding your credit, showing creditors that you are a responsible spender, you will notice that your interest rates begin to decline.
You will want to rush to rebuild your credit after filing bankruptcy. However, it is better if you take your time. If you have filed Chapter 13, you should first focus on making your monthly payments. It is best to wait at least eighteen months before you start applying for new credit. However, if by that time you have not eliminated your other debt; you should wait more time until you do not have any other debts to worry about.
The best way to begin rebuilding your credit after bankruptcy is to obtain a secured...
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