Credit Rebuilding Just Got Easier After Bankruptcy
Most people make the mistake of putting to much faith into what they hear and see on television. If you were to listen to them you would believe that it is nearly impossible to recover from bankruptcy without expert help. There is nothing that ANY expert can do for you that you cannot do for yourself, and that's a fact. I am not at all trying to mislead you into thinking that the process is a walk in to park. The goal of this article is to give you a few fast acting tips that will help you to begin the credit rebuilding process today.
It would be impossible for me to explain everything there is to know about recouping from bankruptcy, in one article. However what I can do is give you a couple of tips that will allow you to rapidly get results.
Normally after a bankruptcy is fully discharged you may find that you still have some old accounts listed on your credit reports. If you find yourself in this position don't hit the panic button just yet. All you need to do is contact the credit bureaus and let them know that those accounts were included in your bankruptcy and you wish to have them removed. If you find some accounts that weren't included in your bankruptcy filing, you will need to start the credit dispute process.
You approach the credit rebuilding process in the same manner as anyone else would. You begin by requesting copies of your credit reports from all three credit bureaus. With credit reports in hand, I recommend that you highlight any and all errors found on them. It doesn't matter how big or how small... highlight it!
Ok my friend... It's time to take the gloves off. We are about to dive into the credit repair process that I touched on earlier. In a nut-shell the bulk of the credit dispute process is achieved via a serious of dispute letters. A big key to achieving good results with the credit repair process is sending along as in as much proof as possible that will support your claims.
The difficult part is now behind you, and it's time to play the waiting game. No worries though, you won't have to wait to long. Why you may ask? Good question my friend... You won't have to wait long because, legally the credit bureaus have 30 to 45 days to investigate you claims. If they fail to respond in the alloted amount of time then by law the credit bureaus have to remove the claims in question.
While you are waiting for the verdict to return from the credit bureaus, you can start creating your new lines of credit. You can do this by getting one or two secure credit cards. Whatever you do - do not get a department store type credit card, they are useless.
IMPORTANT: DO NOT sign up for the first secure credit card offer that you find. You want to be sure to review all of your options and trust me there are a lot. You want to compare the interest rates, annual fees, and any terms and conditions that may be associated with the offer. In short make sure to do your homework before you commit yourself to any offer.
Although secure credit cards are a great way to establish new lines of credit there is a downside. Secure credit cards in most cases requires some sort of setup fee, and just about all secure credit cards require a deposit. The minimum limit in most cases is usually around $300. Lenders do this to protect themselves, if the borrower fails to make payments they forfeit their deposit.
The secure credit card method comes highly recommended because the lenders behind them report to the credit bureaus as if they were normal type credit cards. At the end of the day it's a win - win scenario for everyone. - 16931
It would be impossible for me to explain everything there is to know about recouping from bankruptcy, in one article. However what I can do is give you a couple of tips that will allow you to rapidly get results.
Normally after a bankruptcy is fully discharged you may find that you still have some old accounts listed on your credit reports. If you find yourself in this position don't hit the panic button just yet. All you need to do is contact the credit bureaus and let them know that those accounts were included in your bankruptcy and you wish to have them removed. If you find some accounts that weren't included in your bankruptcy filing, you will need to start the credit dispute process.
You approach the credit rebuilding process in the same manner as anyone else would. You begin by requesting copies of your credit reports from all three credit bureaus. With credit reports in hand, I recommend that you highlight any and all errors found on them. It doesn't matter how big or how small... highlight it!
Ok my friend... It's time to take the gloves off. We are about to dive into the credit repair process that I touched on earlier. In a nut-shell the bulk of the credit dispute process is achieved via a serious of dispute letters. A big key to achieving good results with the credit repair process is sending along as in as much proof as possible that will support your claims.
The difficult part is now behind you, and it's time to play the waiting game. No worries though, you won't have to wait to long. Why you may ask? Good question my friend... You won't have to wait long because, legally the credit bureaus have 30 to 45 days to investigate you claims. If they fail to respond in the alloted amount of time then by law the credit bureaus have to remove the claims in question.
While you are waiting for the verdict to return from the credit bureaus, you can start creating your new lines of credit. You can do this by getting one or two secure credit cards. Whatever you do - do not get a department store type credit card, they are useless.
IMPORTANT: DO NOT sign up for the first secure credit card offer that you find. You want to be sure to review all of your options and trust me there are a lot. You want to compare the interest rates, annual fees, and any terms and conditions that may be associated with the offer. In short make sure to do your homework before you commit yourself to any offer.
Although secure credit cards are a great way to establish new lines of credit there is a downside. Secure credit cards in most cases requires some sort of setup fee, and just about all secure credit cards require a deposit. The minimum limit in most cases is usually around $300. Lenders do this to protect themselves, if the borrower fails to make payments they forfeit their deposit.
The secure credit card method comes highly recommended because the lenders behind them report to the credit bureaus as if they were normal type credit cards. At the end of the day it's a win - win scenario for everyone. - 16931
About the Author:
Don't let your bankruptcy stop you from having the financial freedom that you deserve. Start the credit rebuilding process right now with my credit repair made easy system.
posted by Edgar at
04:17
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