It is proven that you will be able to rebuild your credit after bankruptcy much faster if you swallow the pill and go forward instead of trying to pay old bills. Avoid additional concerns and look forward!
Even if it is absolutely honorable, people who are trying to repay their debts instead of filing for bankruptcy will spend a lot more time to restore their credit. Indeed, recent awaken distrust of lenders because of huge sums that appear on their liabilities, and also because they always have the possibility of going bankrupt.
And indeed, if you want to rebuild your credit because you had a hard time, you will fall into a vicious circle that I’m sure you are familiar: ways to build credit rating, you need credit, and lenders are reluctant to lend money to people with a recent history or even no history at all.
The rest of the wait I can afford it! However, the way to achieve its rise quickly credit rating when in such a situation is to proceed as follows:
Get a secured credit card
Secured credit cards are guaranteed by an initial deposit you need to do to your lender. It should be noted that secured credit cards normally have an annual charge, and the interest rate offered will also be higher. Just be sure to pay your credit card bills on time and regularly! If you qualify for an unsecured credit card, you will recover your initial deposit as well. The credit card companies report your behavior towards credit on a monthly basis, so having a credit card is a very effective way among ways to build credit quickly.
Get loan from an agency specializing in rebuilding credit
Interest rates will probably be higher, but the exercise is simply to show that you are able to make regular monthly payments. It’s recommended to get a loan (easier to get a regular loan). Your bank will receive your request in a more positive and you will probably a tax refund that you can use to repay your loan.
Become a co-signer on an existing card
There is another possibility that is completely legal and effective. You can ask someone you trust (your better half or even a friend, for example), and has a good or an excellent credit, he adds you as a cosigner on any of his cards credit. If you have declared bankruptcy, it will have no impact on your credit file but your friend will immediately benefit from the history of the card. The only negative impact it can have on your record is if the owner of the card itself encounter financial problems, however if you make good choices; that should not happen.
If you have declared bankruptcy, you must ensure that all accounts that are part of your credit record is reported as part of your bankruptcy. Make sure these accounts show a total of 0, ZERO. These accounts appear on your record for the next 7 years, but nothing prevents you to contact your former creditors and ask them to stop reporting your accounts to your file. Your creditors do not have to agree to do this for you, but you have nothing to lose and everything to gain by contacting and try. If you do, it will influence your credit score positively.