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My wife and I both filed for bankruptcy in 2006. It has been recently discharged. I went through my credit report and saw that all the debts are listed as having $0 balance. So far it is fine. But we need to start building up credit once again. Need some advice as to how long it will take to build enough credit to get a home loan.
Hi Oscar,
You can use the tips given below, to start rebuilding your credit record after bankruptcy:
1) Open a savings account and try to save as much cash as you can.
2) You can take a small loan (using you savings account as a collateral) and make timely payments for it.
3) Get a secured credit card and use it for your daily purchases. You must repay it regularly
4) You should make regular payments for any credit card you were able to retain during bankruptcy.
rebuild credit after bankruptcy
Hi Oscar,
If you are thinking of getting a secured credit card, as Scott suggested, to start rebuilding your credit, you must pay it off in full for every billing cycle (within the due date). If you leave balances remaining on your cards, your score will not improve. I think within 6 months to 1 year, you will have a credit score, good enough to apply for unsecured cerdit cards.
By using your revolving line of credit responsibly, you can rebuild your credit records within 2-3 years. I have even heard of people who were able to get a home loan (at attractive rates of interest), within 2 years of bankruptcy discharge.
Good luck to you :D
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