I have a question about credit repair after bankruptcy. Is it possible to start building new credit after bankruptcy, or do bankruptcies have to be really old before starting to repair your credit?
I filed a chapter 7 last year, and it was discharged early January. It is such a relief to have all those headaches gone and now I'm eager to start rebuilding my credit. Is there any tips, or any help with where to start would be greatly appreciated. Can I get a loan?
It is common belief among the people that one will not be able to get new credit, and rebuild his credit after bankruptcy. However, the truth is that you can get credit after bankruptcy, and can try to rebuild good credit.
Try to get a secured credit card first, and make small purchases using the card. Then make on-time on these. This will help you in rebuilding your credit. After some time you can try to convert this card into an unsecured one. Secured cards are easier to get. If you can't seem to get one from the market, you can join a credit union to get a secured card.
Your personal details (name, email address and phone number) will be delivered to the company advertised on the Creditmagic after ve agreed to go for the counseling session by filling out the no-obligation form. However, it is your discretion to accept or reject their services.
Not all the creditors/debt collectors agree to trim down the outstanding balances, interests, and fees payable by the consumer.
Consumers working with the debt relief companies can still be sued by the creditors/collection agencies.
Debt relief services may have a diminishing effect on the creditworthiness of the consumer. The total outstanding balance may increase as the additional fees get accrued.
The overall amount saved by the consumer through the debt relief services is considered as taxable income by the IRS.