After a bankruptcy procedure is completed, when can you start rebuilding your credit?(1 point) Responses three years three years ten years ten years seven years seven years right away
right away
After a bankruptcy procedure is completed, the process of rebuilding your credit can start right away.
You should hire a lawyer to help you through which process?(1 point) Responses both Chapter 7 and Chapter 13 bankruptcy both Chapter 7 and Chapter 13 bankruptcy Chapter 13 bankruptcy Chapter 13 bankruptcy neither Chapter 7 nor Chapter 13 bankruptcy neither Chapter 7 nor Chapter 13 bankruptcy Chapter 7 bankruptcy
both Chapter 7 and Chapter 13 bankruptcy
After a bankruptcy procedure is completed, you can start rebuilding your credit right away.
To rebuild your credit, you can follow these steps:
1. Obtain a copy of your credit report: Request a copy of your credit report from each of the three major credit bureaus - Equifax, Experian, and TransUnion. Review it carefully to check for any errors or discrepancies.
2. Pay your bills on time: Ensure that you make all your monthly payments on time, including utility bills, rent, or mortgage payments.
3. Apply for a secured credit card: Consider applying for a secured credit card, which requires a cash deposit as collateral. This type of credit card helps establish a positive credit history when used responsibly.
4. Become an authorized user: If possible, become an authorized user on someone else's credit card. This can help boost your credit score, provided that they have a good credit history and make timely payments.
5. Start small: Apply for a small loan or credit line, such as a personal loan or a store credit card. Make sure to repay it consistently and on time.
6. Keep your credit utilization low: Try to keep your credit utilization - the amount of credit you're using compared to your credit limit - below 30% on each credit account.
7. Be patient and persistent: Rebuilding credit takes time, so be patient and persistent in your efforts. Consistently following these steps will gradually improve your creditworthiness.
Remember that it's important to take proactive steps and make responsible financial choices to rebuild your credit after bankruptcy.