Rebuilding Credit After a Chapter 7 Bankruptcy

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Rebuilding Credit After a Chapter 7 Bankruptcy
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What is rebuilding your credit?

• Chapter 7 bankruptcy can damage your credit score
  more than any other type of bankruptcy filing.
  Its going to take more time and dedication to
  rebuild your credit after a Chapter 7 bankruptcy
  than after other types of bankruptcies, but its
  not impossible, and the rewards will be worth it
  in the end. In this article, well discuss what
  you can do to start rebuilding your credit after
  a Chapter 7 bankruptcy right away, no matter what
  state you live in or what you owe creditors on
  loans and bills.

If youre just getting started on your road to
rebuilding credit, its important to have an
understanding of where you stand. Did you know
that there are three main credit reporting
agencies? Experian, Equifax and TransUnion all
keep tabs on your personal financial situation
through your credit report. In addition to
tracking your bill-paying habits, they also
monitor other factors such as how many cards or
loans you have open.
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Rebuilding your score step by step

• The information from all three agencies is
  combined into one score from one bureau, which is
  then used by lenders and creditors to determine
  how risky it would be for them to loan money to a
  consumer based on their history.

If youve filed for bankruptcy in recent years,
youll want to work diligently on rebuilding your
credit score. Start by checking your credit
report for errors or new accounts that dont
belong to you. Next, make sure all of your bills
are up-to-date and promptly paid each month. Make
sure any inquiries are made on your behalf rather
than just having multiple creditors pull from one
bureau every monthyou can ask them to put you on
their own personal no hit list, preventing them
from dropping a hard inquiry on your file every
time they review it. And if you havent yet
secured your credit, now is an excellent time to
get started once you start rebuilding things
will go much faster. Be patient with yourself
rebuilding credit takes time! But if you follow
these steps closely and continue following them
until they become habits, trust me Youll be
back on top before long!
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Get approved for apartments and mobile homes

• The simplest and most convenient way to start
  rebuilding your credit after a bankruptcy is by
  getting approved for something. There are two
  options An installment loan, such as a car loan
  or student loan, or an open-end account, such as
  a credit card. Installment loans and credit cards
  will generally show up on your credit report as
  long as you make all of your payments on time and
  in full. A bankruptcy might stay on your report
  for up to 10 years unless you file an appeal with
  the court system, but those 10 years will come
  and go quicklyespecially if youre paying off
  debt responsibly. Both installment loans and
  open-end accounts can help rebuild your score
  faster because theyll show up longer than other
  types of accounts.

Get approved for car loans
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• In addition to rebuilding your credit by getting
  new credit cards, youll also want to get
  approved for car loans. An auto loan can be a
  great way to rebuild credit in a short period of
  time because most people who receive an auto loan
  will need to pay their bill in full every month.
  If youre currently making your payments on time,
  you should see your score rise quickly. Even if
  you dont have much in savings, going into debt
  for a car is often worth it when it comes to
  rebuilding your credit rating. In some cases,
  cars are good collateral for loans even when they
  arent paid offso check with lenders about what
  they can offer when rebuilding credit. You may be
  surprised to find out how easy it is to start
  building your credit again. As soon as youre
  back on track, try looking into buying a used
  vehicle thats easier on your budget.

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Get approved for unsecured personal loans
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• If youre hoping to get approved for unsecured
  personal loans, keep in mind that your FICO score
  is often one of many factors lenders use to make
  their decision. However, its important to know
  that even if you do get approved, not all types
  of unsecured personal loans will help you rebuild
  credit. Paying back secured personal loans with
  collateral (such as auto- or home-equity loans)
  can appear on your credit report and help improve
  your credit over time. Unsecured personal loans
  dont require collateral and therefore arent
  typically reported on your credit historymaking
  them less useful when trying to raise your FICO
  score. Its also worth noting that,
  unfortunately, if you have negative marks on your
  report from other debts such as medical bills or
  tax liens from your previous bankruptcy case,
  those details may remain public information.

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• Most importantly Dont be discouraged by these
  additional barriers! Even people who have filed
  for bankruptcy are eligible for some form of
  personal loanso start applying! You can also
  take steps to boost your chances at getting
  approved.
• For example Make sure theres no other
  outstanding debt listed against you by contacting
  creditors first and asking them to confirm
  whether theyve turned off collections activity.
  Confirm what type of loan works best given other
  existing debts listed against you by researching
  which ones show up on your credit report.

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Contact Us

• Address - 13100 Wortham Center Drive, 3RD FL,
  Houston, 77065
• Email - info_at_grandluxcredit.com
• Phone - [phone]
• Website - https//www.grandluxcredit.com
• Blog - https//www.grandluxcredit.com/rebuilding-
  credit-after-a-chapter-7-bankruptcy/