How long must I wait?
I was discharged from my personal bankruptcy 4 years ago and I heard from from a retired bank teller that there is a way to have a bankruptcy off your credit report before 7 years. She couldn’t remember how. Is this true? If so, how can someone go about doing so?
Signed – Can’t wait to be free again.
It is definitely possible to rebuild credit quicker than the required 7 years. What happens is that the credit bureau automatically purges bankruptcy information 6 years after the date of discharge, but if you are successfully able to obtain some form of credit and use it in a wise and prudent manner you can find that your credit will be rebuilt in a much quicker fashion.
The process is quite straight forward, once you are discharged from bankruptcy you can begin to rebuild your credit by obtaining credit, perhaps by getting a secured Visa card. You give Visa a $1,000 security deposit, and you get a Visa card with a $1,000 limit; this access to credit begins to re-establish your credit, and increase your chances of qualifying for additional credit, such as a mortgage.
The key to regaining your credit is proving to the lender that you are responsible with money. Saving money is the best way to do that, and it gives you money to use for a down payment on a car or a house in the future.
A first bankruptcy remains on your credit report for six or seven years, but by saving money you can rebuild your credit in a shorter period of time.