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Chapter 7 Bankruptcy - Rebuilding Your Credit

Chapter 7 Bankruptcy - Rebuilding Your Credit
"""There are numerous items that can appear on your credit report and disqualify you for a loan. Among these is a Chapter 7 bankruptcy, which is arguably one of the most significant. That doesn't mean you shouldn't file if you need to, but you should be aware of the ramifications of your decision. The law limits the length of time such an entry can remain on your credit report to seven years. At the conclusion of this period, however, your credit report will be largely void, which will not impress potential lenders. Utilize the interim period to reestablish your credit. Here is how to proceed.

Your Account

Once a year, you can obtain a complimentary copy of your credit report from each of the three major credit bureaus. It is worthwhile to examine all three, as they do not always correspond precisely. Verify that all of the accounts included in your Chapter 7 bankruptcy were properly discharged by meticulously reviewing these reports. You should avoid having both filing and delinquent accounts listed on your credit report. If there are still active accounts on the report, contact the bureau and request that the incorrect information be removed.

Consult Your Bank

When attempting to rebuild a solid credit history, your own bank is always a fantastic place to begin. You can register for a secured credit card even if you do not qualify for a traditional credit card. A secured credit card is guaranteed by your own bank account. Although it makes little sense for someone with excellent credit to register for one of these cards, they are useful for establishing credit. Utilize the card and make timely payments, and your accountability will be reflected in your credit report.

Maintain Your Job

If possible, keep your current employment. This does not imply that you should reject opportunities to increase your income, but you shouldn't switch careers simply because you're bored. When determining the viability of a potential borrower, employment stability is a crucial factor. They may also consider your residence, so attempt to maintain the same address.

Piggybacking

If your father or aunt has an excellent credit history, you may want to ask them to add your name to one of their credit card accounts. You can assure them that you will never use the account if they are concerned about your Chapter 7 bankruptcy and probable financial irresponsibility. Simply to benefit from their credit history, which will be reported as part of your own.""

" - https://www.affordablecebu.com/
 

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"Chapter 7 Bankruptcy - Rebuilding Your Credit" was written by Mary under the Finance / Wealth category. It has been read 121 times and generated 0 comments. The article was created on and updated on 31 May 2023.
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