Credit after Bankruptcy; Rebuilding your Credit after Bankruptcy.

WILL I EVER GET CREDIT AGAIN?

Yes, people who have gone bankrupt are able to get credit after they have been discharged from bankruptcy. In fact, you can even get credit while you are sstill in bankruptcy by applying for a secured credit card.

Individuals who have been insolvent are eligible for mortgage loans and all other kinds of credit at the same interest rates as those who have not gone bankrupt after two years from their discharge from insolvency.

When a person files bankruptcy the record of the bankruptcy stays on the credit bureau report for 10 years. You can start to re-establish your credit by doing the following:

Red BallTalk to your banker and say you want to re-establish your credit rating;

Red BallOpen a savings account;

Red BallBe a regular and persistent saver.  Use the common techniques I am sure you have heard of: 
1)Pay yourself first; 

2)Take your next raise and save it; 

3)Save 5 % of your pay; 

4)Have your savings come right off your pay and into a separate savings account;

Red BallTake out a small loan using the savings account as collateral, and then pay it back;

Red BallApply for a credit card, with a low limit and secure the limit by using your savings account as collateral;

Red BallPay your credit card balances on time.

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