There is no magic formula to rebuild credit after
a bankruptcy. Obviously, a debtor who has just completed
bankruptcy will want to make timely payments on
continuing obligations, such as utilities, rent/mortgage
payments, car payments, etc. in order to rebuild
the credit record. Another way to help rebuild credit
is through the judicious use of a secured credit
card. Once two years have elapsed after the discharge,
creditors start to look favorably about granting
credit. Obviously, the reason why someone files
for bankruptcy comes into play here. Home mortgage
loans are generally available to a debtor after
two years have elapsed (assuming the person otherwise
qualifies for the loan).
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