First, you must determine what you are coping with. You should obtain your credit report from each of the three main credit reporting agencies: Equifax, Experian, and TransUnion. Ensure that every account now displays a balance of ""0"". If any discrepancies exist, your credit will suffer. Therefore, if someone attempts to report negatively on an account that was included in your bankruptcy, you should contact them and inform them that the account was settled through your bankruptcy.
The next stage is crucial, and it is essential to execute it correctly. Obtaining a secured credit card will allow you to establish new, positive credit. A secured credit card requires a security deposit, and spending is restricted to this amount. This will assist you in maintaining your budget and avoiding debt while establishing your new credibility. After 12 to 18 months of using this secured credit card, you may be eligible for an unsecured card with a credit line.
Another strategy, known as ""piggybacking,"" requires a friend or family member with excellent credit to add you as an authorized user on their credit card accounts. This will not have a negative impact on your friend or relative's credit score, but it will enable you to rebuild yours, as their accounts will now appear on your credit report.
Mortgages and auto loans are more difficult to obtain after bankruptcy. The majority of mortgage lenders will require two years of on-time payments following a bankruptcy filing. You may be denied a loan by conventional banks and credit unions, but you may be eligible for dealer financing from a used car dealer. Be wary of high interest rates and maintain an expenditure level below your income. Keeping your debt under control will greatly improve your new life.""
" - https://www.affordablecebu.com/
