You can rebuild your credit after a BK almost immediately. Typically after two years the most severe impact to your credit score will lessen. You definitely need to take certain steps to bring up your score. First, keep in mind the length of time the BK will stay on your report: 7 years for completed Chapter 13 bankruptcies and 10 years for Chapter 7 bankruptcies. I recommend getting a secured credit card, or two, to begin the rebuilding process. A secured credit card works like a regular unsecured revolving credit card. The FICO scoring model used by the 3 major credit bureaus, does not differentiate between a secured or unsecured card.
Be aware of what impacts your credit:
The FICO scoring model ranges from a 350-850 and the score is weighted as follows:
35% Based on payment history
30% Based on Balance to limit ratios
15% Length of Credit History
10% Types of Credit (ie: Revolving & Installment)
10% Inquiries
TIPS to Rebuild Credit:
Stay on time with all payments
Try to have at least 1-2 Installment Accounts & 3-5 Revolving Accounts
DO Not Apply for new credit until you know if you will be approved! This is where getting a secured card comes into play. Check out Wells Fargo or B of A for a secured credit card. BE AWARE of 'scammy" secured credit card offers - many have extreme fees and service charges.
Here's a few websites to check out to help you learn more about how to build and protect your credit score:
www.myfico.com
www.sterlingcapitalcredit.com (go to Credit Resources)
Hope this helps!!
Yes, it is very very difficult to repair credit after a bankruptcy. Once an individual or a company goes to bankruptcy, then all of the belonging of them are taken by the bank & thus there is nothing left to repair with.
Ten years from the date of discharge.
Do not worry about applying for credit after bankruptcy. The applications will come to you before the ink on the court documents has dried.
Bankruptcy filings typically stay on a debtor's credit report for 10 years.
10 Years at least
Yes, it is very very difficult to repair credit after a bankruptcy. Once an individual or a company goes to bankruptcy, then all of the belonging of them are taken by the bank & thus there is nothing left to repair with.
Pay bills on time. Nothing else.
An accountant or bank will be able to explain about bankruptcy credit repair. There are also now a lot of government funding companies to help people understand about credit ratings and how to help themselves out of poor fiscal situations.
Ten years from the date of discharge.
Do not worry about applying for credit after bankruptcy. The applications will come to you before the ink on the court documents has dried.
It stays on your credit report for 10 years in every state. Bankruptcy is a federal procedure.
Bankruptcy filings typically stay on a debtor's credit report for 10 years.
7 years
10 Years at least
10 years
It depends on what type, but the typical bankruptcy will be on your record for 7 years.
After 7 years, you can start rebuilding your credit.