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The same wasy youstart building good credit for the first time. If you can, get a couple credit cards, secured or otherwise. Use them only to make modest purchases and pay them in full each and every months. Get a gas card and use it occassionally. Good credit is built by having open lines of credit, small balances and a solid payment history. It will take several years for your credit score to climb, but it can with a little work.

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Adopt new habits and keep them up. Be vigilant about tracking expenses. For instance, do not spend any money that you do not have. That includes not getting into regular payments of any sort based on what you hope to earn. Pay everything on time. Stay away from credit cards or any loans until you are successful with money management--don't be in a hurry to establish credit.

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โˆ™ 2010-11-12 04:15:10
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Q: How do you improve your credit after bankruptcy?
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How long after bankruptcy does your credit score start to improve?

After 7 years, you can start rebuilding your credit.


Where can one get credit cards for people with bankruptcy?

People with bankruptcy can get credit cards from some companies that offer the option. While it is easy to get, interest rates and fees will be much higher as a result, until one can improve their credit score.


If you just divorced and already have foreclosures and repossessions on your credit report will filing bankruptcy help your credit score?

No, filing bankruptcy will never help improve your credit score, it stays on your report 10 years whereas a repo or foreclosure normally remain 7 years. So bankruptcy would only make your credit worse.


If you are an additional card holder on a parent's credit card account and you file bankruptcy will the bankruptcy appear on their credit?

The bankruptcy will appear on their credit if you include this card in your bankruptcy. If you leave the card off the bankruptcy, it will not effect their credit.


What effect will a five year old bankruptcy have on getting a job that requires a background check?

It all depends on the employer, usually after seven years a bankruptcy is clear from your record, even though someone has a bankruptcy in their record they can try to get credit to begin to improve their credit.


How can one improve their credit after bankruptcy?

The period of time after bankruptcy is like starting over in the credit world. You need to act squeeze clean. Get a new card and pay your bills on time paying the full balance.


How many points will your credit score jump after bankruptcy comes off?

How many points your credit score will go up after bankruptcy comes off, will depend on where it was beforehand. Your credit score may improve drastically into the 600's, or it may still be low.


Will credit score improve once bankruptcy removed from report?

Yes you should see some movement in your score.


How does bankruptcy affect your credit ratings?

Bankruptcy lowers your credit report.


Can getting a credit card improve credit score after bankruptcy?

Yes, if you use it properly. Just getting one and doing nothing doesn't really help.


If an account is closed by a credit grantor why would the card holder continue to make payments after bankruptcy findings are closed?

The card holder is under no legal obligation for the card holder to continue making payments after filing for bankruptcy, unless the case is dismissed without a discharge. There are some who believe that they can improve their credit rating by pay off debts that were discharged in a bankruptcy, but I believe there are better methods to reestablish credit after bankruptcy.


Will your credit rating be affected by your partner filing bankruptcy?

If your partner files for bankruptcy and you don't then the bankruptcy will not appear on your credit report. But you will be partly responsible for before bankruptcy filing. Generally filing bankruptcy will affect the credit rating of the individual who filed it.


After bankruptcy no longer is on your credit report after 10 years does your credit score immediately improve?

If by then, the consumer has establised a good payment history it may. Bankruptcy is forever. Regardless of the removal from a CR, there will always be record of it, and it can continue to cause a consumer financial problems. The previous answer is actually quite misleading. In terms of credit and credit reporting, the bankruptcy coming off will immediately improve your score, usually in the neighborhood of 75-150 points. Of course a lot entails what you did with your credit since the bankruptcy was discharged. As far as "bankruptcy being forever," yes, there is a public record out there. And yes, it could hurt you in terms of gaining employment at a high salary or taking out a high-end mortgage on a house. In terms of car loans, credit cards, low-end house mortgages, etc., the bankruptcy will have absolutely no bearing on your situation. Good luck.


Do you have to get credit counseling before you can file for bankruptcy?

You do not have to necessarily get credit counseling before you can file for bankruptcy.


How do you get bankruptcy off your credit report?

A bankruptcy will remain on a credit report for the required ten years, it cannot be removed arbitrarily.


How do you remove bankruptcy from your credit rating?

The only way to remove a bankruptcy from your credit report is to dispute it to the credit bureaus. The credit bureaus have 30 days under the Fair Credit Reporting Act, to verify your bankruptcy withe the court that filed it or it must be removed from your credit report.


What are the laws pertaining to a credit reporting agency still reporting after a bankruptcy discharge?

Debts included in the bankruptcy should be noted as such in the credit report. The bankruptcy will remain on the credit report for ten years.


How much does your credit score increase once a bankruptcy comes off your credit report?

Credit scores are calculated and affected by the consumer's overall credit history. After a bankrkupcy entry is expunged the score will eventually improve but a specific answer as to the exact numbers is not possible.


Can you remove a bankruptcy dismissal from your credit?

No. Backruptcy will always appear on your credit. After 7-10 years your credit will be as good as someone who has not filed bankruptcy.


Are there any types of credit cards one can get if they have declared bankruptcy?

When in bankruptcy it is not possible to have a credit card. Once the terms of the bankruptcy have been met, some credit card companies will consider issuing a credit card to some people.


Is it possible to just declare bankruptcy on credit cards?

You can declare bankruptcy due to credit card debts, yes.


How does surrendering your house in chapter 7 affect your credit report?

If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.


How long does it take after a bankruptcy is discharged to show on your credit report?

The amount of time a bankruptcy stays on your credit report after discharge differs between Chapter 7 and Chapter 13 Bankruptcy. With Chapter 7 bankruptcy, the Chapter 7 stays on your credit report for 10 years. Chapter 13 bankruptcy, after discharge, it shows for 7 years on your credit report.


Can a judgment be put on your credit if the debt was part of the bankruptcy?

Not if the debt was discharged in the bankruptcy. If the judgment was on the credit report before the bankruptcy was filed and/or was discharged in the bankruptcy, the entry will still remain on the CR for seven years.


Does filing bankruptcy improve a credit score if there were a lot of charged off credit cards and late payments prior to filing?

No, just the opposite. Bankruptcy is the ultimate "train wreck" of a person's financial standing. Even after the ten year SOL there will be a public record, and the consumer will still be penalized for it. Bankruptcy, is not, as some are led to believe, the magic cure for debt problems.