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How Long Does it Take to Recover From Bankruptcy?

Many people are terrified of bankruptcy as they feel it takes 7 years or more to recover from the wounds done to one’s credit. Fact is that rebuilding your credit COULD take seven years or even longer, but this does not have to be the case. If you do the right things then you could also be A-credit in a year.

First off, if you think you are going to go bankrupt then there are some a few preliminary actions which will be very helpful. If you have credit cards open and are able then we would suggest paying one or more off and leaving it/them out of the bankruptcy. If you have a car which is being financed then it would be best to also keep that out of the bankruptcy. This insures that you come out the bankruptcy with some positive tradelines.

After you receive your discharge papers you should take a few more steps. First, get a secured credit card from a major bank. If they deny you then get one through First Premier or similar. Sadly these cards have a high upfront fee (usually around $200), but there are very few other options for rebuilding credit quickly. Also at this point you should enroll into our credit repair program, which will get your scores up to 600+ within a few months. After this point you should continue with the credit repair program for a few more months, especially if there are still inaccurate items on the report.

Once your score is 600+ you should open a normal credit card and a department store card. (keep in mind that some department store cards will not approve someone with bankruptcy, regardless of score. This is an exception, not a rule) Use them as much as you are able to pay on them and pay them off each month. Every 2-3 months you are able to pay off the balances in full, request a higher limit from the credit card companies. Be sure to pay everything on time as to not add negatives on your report.

If you do everything currently you can be up to A-credit within a year of your bankruptcy. Sure the Bankruptcy listing will still be on your report, but this will not hold you back much in seeking new credit.

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