Now that the entire bankruptcy process is behind you, it is time to move on. Rebuilding credit after bankruptcy is one of the most important steps to returning to regular life after bankruptcy. The reasons you filed for Chapter 7 bankruptcy are inconsequential. It may have been medical bills, a divorce, loss of work, or simple overspending. Now is the time to prove to lenders that you will not end up in a dire financial situation again. The way to accomplish this is to rebuild a reputation of good credit. Here are some imperative things you should know about recovering following bankruptcy.
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The rumor most commonly associated with filing for bankruptcy is that rebuilding credit afterwards-strong enough to be approved for a loan-is virtually impossible until seven years have elapsed. This is not true with the right implementation of tactics to rebuild your credit score quickly. Even before the seven-year period has intervened, some credit holders are able to obtain some of the highest scores possible. The key is responsible, consistent bill payments, month by month and year after year. Rebuilding credit after bankruptcy is a slow process to be sure, but if you pay off small purchases before you attempt to make large ones, your personal confidence will increase, as will the confidence lenders have in you.
Next, you must be wise about what you choose to get in debt for as you strive toward rebuilding credit after bankruptcy. Clearly you have had trouble with this in the past, so now that you are experiencing life after bankruptcy, you must make smarter decisions in this category. Start with small lines of credit from a grocery store or gas station. Always use a card when you may have used cash in the past. That way, you have the opportunity to pay it off and increase your credit score more quickly.
Making these changes is easier said than done, so you may want to purchase insurance on your debts. If you are unable to pay off your debts on your own for any reason, this ensures you will never be in the unfortunate position of filing for Chapter 7 bankruptcy ever again. Be sure to include the cost of the insurance with your regular bills each month. If you are ever faced with an inability to pay your bills again as you work at rebuilding credit after bankruptcy, you will find the safety net of the insurance there to catch you if you fall.
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