Want to have better credit?How long does a bankruptcy stay on your credit report?
The length of time you’ll see a bankruptcy stay on your credit report depends on what type it is. A Chapter 7 bankruptcy remains on your credit report for 10 years while a Chapter 13 bankruptcy remains on your credit report for just 7 years.
However, contrary to popular belief, bankruptcies can be removed from your credit report early and you can get credit after a bankruptcy. You do NOT have to wait up to 7 or 10 years before being able to get a mortgage, car loan, or any other type of credit again. In fact, it usually only takes a few years to be able to get access to loans and credit cards again. But that can seem like a long wait when you need cash upfront. Plus, once you do start to qualify again, you’ll still be paying extraordinarily high interest rates.
Rather than getting stuck with high interest rates and low balance maximums, work on negating the effects of bankruptcy as much as possible. Between disputing the bankruptcy itself and taking concrete actions to rebuild your credit, you can get much better offers for credit cards and loans. One mistake doesn’t have to set you back financially for the next ten years. Read on to find out the various ways in which you can recover from having a bankruptcy on your credit report.
Can credit repair help you in Florida to achieve financial stability? redit counseling is the most complete solution, using various resources to help a consumer solve their money problems. It also requires the most work from the consumer and does not promise quick relief. Tools include budgeting, educational programs, counselors and a personalized plan. Credit counseling may, but does not always, lead to a Debt Management Plan where a consumer pays money into an account and the agency pays their debts from that account.
Consumers can find a list of government approved credit-counseling agencies in the United States at www.justice.gov/ust/list-credit-counseling-agencies-approved-pursuant-11-usc-111.
Debt relief or settlement companies say they can reach out to one’s creditors and try to get them to lower a consumer’s balance, interest rates or fees so they pay less. Consumers can also try to do this themselves to avoid the fees that a company like this will charge them.
Debt consolidation companies offer consumers loans to pay off one’s debts in one lump sum. The low interest rates are tempting, but once a consumer goes through the application process they may find more fees. They may also be able to consolidate and pay off their debt through a second mortgage or home equity line of credit, but be very careful. As consumers are putting their home up as collateral, if they cannot make their payments, they could lose it.
Credit repair companies promise to clean up one’s credit report for a fee, but the chances they can do anything the consumer could not do on their own are slim. Consumers have the right to correct inaccurate information in their file, but nobody can remove accurate negative information. Only time and steady payments will repair one’s credit.
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