Do you know what you need to do after your bankruptcy is discharged? Take this quiz and find out!
After I file bankruptcy I should:
- Put off reestablishing credit as long as possible
- Establish new credit immediately
- Stay away from credit forever
- Wait a year and then try
If you have filed bankruptcy, repairing your credit isn’t going to happen overnight. Because of this, you need to start immediately. The sooner you start, the sooner you’ll be on your way to a new financial future!
The first thing I should do is:
- Apply in as many places as possible
- Get a copy of my credit report and make sure breathing is accurate
- I don’t need to do anything
- Focus on getting one or two new accounts
The first thing you should do after your bankruptcy is discharged his get a copy of your credit report. Most people don’t think this is important. After all you know your credit is bad! The truth is that many creditors will continue to report accounts that have been discharged in your bankruptcy as being open and currently past-due. This can make it difficult to reestablish good new credit, because creditors will assume that you have reaffirmed the account and you are in fact currently past-due. Before you apply for anything, make sure you clean up your credit report.
When establishing new credit I should
- Get only revolving accounts. It is probably too soon to think about qualifing for an installment loan
- Re-establish both installment and revolving accounts
- Get an installment loan
- I should stay away from credit
Many people think that the key to reestablishing credit after bankruptcy is simply to get a secured credit card. While this is something you’ll want to, the reality is that for the best possible credit score you want to have both installment and revolving credit. The easiest way to reestablish installment credit is to go down to your bank and open a CD. Then you want to take out a loan against a CD. Banks are happy to issue these types of loans as they are completely secure. If you fail to make your payments on time, they will simply take the funds that you have deposited with them.
How did you do? Hopefully now you understand the keys to after bankruptcy credit repair. By using what you’ve learned, you can begin repairing your credit immediately. Before you know it, you’ll be back on track!
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