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Get back on the road to good credit
By | February 18, 2008
There is a common consensus to the fact that a bankruptcy is the worst possible entry on your credit report. Filing for bankruptcy whether a Chapter 13 one or a Chapter 7 one is a sign that you clearly cannot manage your credit. Notwithstanding the reasons for which you filed for bankruptcy such an entry shows for 7-10 years on your credit report. Whether you had genuine reasons for filing for bankruptcy or not doesn’t matter, because at the end of it all it shows on your credit report.
However there ways you can recover from this. There will be a lot of effort and dedication involved on your part but within a year and a half your credit score can brought back to the high 600 range. The basic truth is that no one can improve your credit score as successfully as you can yourself and you don’t need any special skills or talents for it. It is time for you to realize the seriousness of your situation and start taking positive action to improve it. If you need to get help to help your get over the problem you could always try credit counseling agencies and of course friends and family.
A low credit score can cost you jobs, money and many other opportunities because high paying jobs and jobs that trust you with a lot of money always go into a person’s credit report and people will low credit scores are generally left out. Make small purchases which let you stay in your budget and try to make a down payment on at least 50% of the amount and pay off the rest within 6 months. If you continue to make payments on time your will have a few good credit entries in your report. Also monitor your credit reports and you can request a credit bureau to send you one periodically. So you can get back on your feet pretty quickly.
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