Bring the lost credit back
March 26th, 2008 by Questions
I dont know how many years after bankruptcy you can get rid of negetive feedback on your credit history . But I was wondering if there is anything one can do to speed up fixing his credit which was damaged due to a bankruptcy. (I mean after being discharged from bankruptcy)
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March 27, 2008 at 7:10 am, Barton Goth GCO Bankruptcy Trustees said:
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.
For more informaiton on this you can follow the process at the following link: credit repair.