Credit after Bankruptcy | Do you need it?
By Alan Thomas
Obtaining credit after bankruptcy is not so much the problem or the issue; the issue should really be, do you need it?
We all know that if you live in the United States, that life without decent credit really can be a hindrance. Think about it for a second. When was the last time you tried to rent a vehicle without a credit card? What about stay at a hotel, or even make reservations?
True, many debit cards have relieved our needs for credit cards in many areas, but you are never going to be able to do many things without an actual credit card.
What about a vehicle? Have you ever met anyone driving a decent vehicle without having good credit (unless they paid cash for the vehicle itself)? It's not likely. So, could obtaining credit after bankruptcy be important?
What about a home? Are you currently renting? Do you ever want to buy a house? Well, this much is true; if you have not built up any credit after bankruptcy, the chances of you being able to obtain a home loan become very slim.
Ok, so now that we realize that there is the genuine need to build up some credit after bankruptcy, the thing that is important to realize is that you don't need a lot, and you need the right kind.
So, what the heck is the right kind of credit? That is the best question to ask. First, it is not department store credit, or a credit line through a high risk lender. It is not 8 different credit card companies that "specialize" in high risk applicants.
Ok, building credit after bankruptcy requires a serious and well detailed plan. Now, I am not suggesting that it is going to take you 10 weeks to create this plan, but it will take you a little bit of time to outline what your overall objectives are. Just sit down, with the assistance of some guides (you can find a great guide at www.creditiskey.org . Outline what you are planning to achieve over the next year, 2 years and 5 years.
Is a home in your future? If it is, you need to begin planning now. One point of interest: you might be thinking that it will take you forever to qualify for a home loan, or to build your credit after bankruptcy back up to a respectable level; this is definitely not the case.
In most cases, if the proper steps are followed, you can have your credit back on track within a 1 year period of time. However, it does require discipline and patience. It also requires some attention to detail and some sacrifice. All of the characteristics of successful people in general, so it is not like you are doing something bad!
The biggest point that I want to make here is that yes, building up your credit after bankruptcy is very important and something that you want to begin immediately. You want to make sure you do it right, following the correct steps to ensure that you shorten this process down to the least amount of time necessary. This will put back on the correct track as well as enable you to live the life you deserve to live.
Let's begin rebuilding your credit after bankruptcy; you will be glad you did!
About the Author
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| Some other articles by Alan Thomas|