can you really restore your credit or get new credit after filing bankruptcy? I find this hard to do.?

Answer 1

yea....it takes a while though 5-10 years

Answer 2

Yes, it's possible to restore credit after bankruptcy. It's been done by many others, and you can do it, too!

If you filed under Chapter 13 you can start rebuilding credit once your bankruptcy has been discharged by the court. I don't know if you were allowed to keep credit cards when you filed for bankruptcy, but if you were, make scrupulously sure you that pay all your bills on time, (e.g., rent/mortgatge/car note, credit cards, etc.) if possible before the due date, and be sure to make more than the minimum payment if and when you can.

Do that for about a year and then get a copy of your credit report from the three major credit bureaus -- Equifax, Trans Union, and Experian. If there are incorrect entries on your credit report (believe me, there will be) notify the credit bureau and provide them with the correct information so that they can update your records.

Don't be in a hurry. Start rebuilding in small steps. One I'd suggest is buying furniture on credit (don't get carried away). Make your payments on time and your credit rating should improve. Every six months request your credit report to see how it goes.

Be focused in your desire to rebuild your credit and you'll make it happen. Good luck!!

Answer 3

You can restore your credit but it takes time. First you just have to pay all your bills on time, always (electric, phone, etc.) If you have no credit cards left, you will probably have to start out with a secured credit card (you keep a balance and and can only use that amount, basically the same as a debit card). You may be able to get a credit card for people with damaged credit, or a department store credit card, but the first two years are tough, you have to really be good. With the "credit crunch" going on I think they are going to make it harder to get credit, but in the past if you had no late payments and a good work history, you could get an FHA mortgage 2 years after bankruptcy. Don't pay anyone to "fix" your credit. Start over fresh and fix it yourself.

Answer 4

YES! There is a lot of misinformation here about this subject, but you can restore credit after abnkruptcy and it's easier than you think. you just have to be patient while going about this!
Read all of my website because this is an area I know about!

I had my ID stolen and declared bankruptcy and I still got my score up from 486 to 730 in a little over a year! You can start with getting even one credit card from a place like Orchard Bank. They are there for those in our situation and they helped me build credit again. They will help you too!

Also, after a bankruptcy, your credit reports will be full of errors that you should dispute and challenge them for removal. I go into this in detail too. I got my score up by 140 points alone by doing this!!!!

Getting credit is a little easier after bankruptcy if you know where to look because creditors know you won't be able to file again for 7 years, but be careful. Remember what got you into bankruptcy in the first place.

Also, BEWARE OF SCAMS! There are many of these out there just waiting for someone who is desperate to want a shortcut and all that happens is you lose money and could even be asked to do things that are ILLEGAL and could get you thrown in jail!!!!

I go into detail on these as well. There is just too much to post here so go to my site because you need a lot of information!

My best advice, Don't give up! you can clean up your credit and start over! I know from experience.

Get a free copy of your credit report too and look for errors. My website has details on how you can go about disputing these by yourself at little or no cost!!!! Orchard Bank is a good place to get a credit card again, just don't expect great rates or a high limit but it will help. I have a credit card now with a high limit at 9.9% 1 1/2 years later!

Just don't run them up again and learn how to spend only what you can afford! Been there and done that!

Answer 5

This is what happened to me...
I had to declare bankruptcy to keep from paying an inflated, unjustified judgement against me (traffic accident with a victim with dollar signs in her eyes)
I made certain that my accounts (loans) through my credit union were not covered under the bankruptcy. I was able to continue using the credit union for loans (car loans, signature, etc.) However I could not get a credit card until the bankruptcy period ended (10 years) When the period ended, I got a flood of pre-approved credit card offers (don't get caught in that trap, though) and eventually was able to buy a house.

Just be patient...it will happen for you...just give it time.

Answer 6

you can't get new credit, however if you've filed brankruptcy. I'd say start out small. Whatever credit cards you have.. pay those off. Once those are paid off, you spend a little bit and just keep repaying it once the bill comes in. Slowly but surely your credit will come back, although it won't be the same as before but it'll definitely be better then when you filed bankruptcy. Good luck!

Answer 7

the credit yo DO get after bank will be very high int rates for a long time - I'm almost 7 yrs after chap 7 and still can't get a credit card with less than a 20% int rate, forget a car loan for the 1st 2 yrs and maybe 4-5 yrs until you can buy a house - ALL provided you stay clean after the bankruptcy and don't get yourself in trouble again

Answer 8

Eventually, but will take 7 to 10 years to restore your credit. Don't be eager to get new credit though - that's probably what got you into trouble in the first place.

Answer 9

My friend filed chapter 7 back in...June I think? Maybe July...anyway,she already has a couple of credit cards and they just bought a new car. Granted the interest is higher but they did do it...so withing just a few months they are on the road to recovering their credit.

Answer 10

No you can not it just makes you pay everything off but you have to pay everything back in either 7 to 10 years after filing for bankruptcy.

Answer 11

YES YOU CAN RESTORE YOUR CREDIT AFTER BANKRUPTCY,,,IT TAKES REALLY PUTTING YOUR MIND TO IT...FOR EXAMPLE,,,,,GET A NEW CAR LOAN, DRIVE FINANCIAL WILL HELP, AND THEY SPECIALIZE IN GETTING YOU BACK ON TRACK.....GET A SECURE CREDIT CARD, THIS IS A GREAT WAY TO REBUILD YOUR CREDIT, IT WILL TAKE TIME TO DO IT, BUT WE HAVE PEOPLE DOING IT EVERY DAY,,THEY COME TO US FOR ADVICE HOW TO GET STARTED AGAIN,......PARALLEGAL.......