How can I rebuild my credit after I file for Chapter 13?

Rebuilding credit after you file for Chapter 13 Bankruptcy can be a very challenging personal experience, especially so that your credit score would probably be at all time low. In legal parlance, the longest it would take for bankruptcy to appear on your credit report, is 10 years, however it is good to point out that the moment you emerged from bankruptcy, you will have learned that too much credit can hurt your credit score. One of the most important thing you must do after bankruptcy is to examine your credit report, whether there were obligations that have been reported which have been terminated upon completion of your bankruptcy, thus it is imperative that you inform credit firms that it have been formed part of the bankruptcy proceedings.

Another way of rebuilding credit is to apply for a secured credit card, it can either be an installment or revolving credit card, however it is advisable that you will use up the credit line available, since it will lower your credit score.

A Chapter 13 bankruptcy will stay on your file for seven years; sometimes it removed prior to that but you should be prepared to have it be on there for a long time. Be sure to pay all of your bills (the ones you have left) on time. Even paying them one day late can continue to affect your credit score.

Sign up for automatic bill payments so that you don’t find yourself late on them. Use credit wisely. If you can get approved, use a credit card with a very small credit limit to show the credit bureaus that you are responsible.

Don’t change more than 15% of your balance in any given month, and always pay it off complete and on time. If you can show several months of on-time payments, your score will begin to rise. Keep on top of your credit report by checking it frequently.

Dispute anything that seems fishy immediately; oftentimes a quick phone call to the merchant or Bureau can resolve some minor issues and raise your credit score almost immediately.

I went through declaring a bankruptcy when I was young and very unwise. I guess that's what it's for though - forgiveness for mistakes, and everyone deserves a fresh start, a second chance. It takes seven years for a chapter 13 bankruptcy to clear your report completely, although sometimes it isn't visible after five.It depends on the credit beaureau.

At least you didn't declare a chapter 7, which can stay as long as ten years. Now, from my personal experience, for a few years don't even worry about trying to get credit. You'll get offers for secured cards and the like, but will end up spending a fortune in fees, have your money tied up anyway, and it doesn't do much to repair your credit.

It's better to just be sure you're paying all your utility bills and your rent/mortgage on time. That does it's own repair work. When you do feel ready to dive into consumer credit again, be very careful.

Don't accept a high interest rate offer just because they offered it to you. Carry a little balance, but always pay more than your minimum payment.In time you can get your credit rating back up to a stellar record again.

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