Becoming credit wise after bankruptcy

| December 6, 2011 | 0 Comments
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Prior to 2005, applicants for bankruptcy were not mandated to complete any type of pre-bankruptcy credit counseling or post-bankruptcy financial management courses thereby increasing the chances of the person not managing his or her funds properly after bankruptcy. But the code was changed in 2005 and these requirements became mandatory if you are filing for either Chapter 13 or Chapter 7 bankruptcy. You may be wondering why these courses are made mandatory. Simply put, they are designed for the sole purposes of helping those filing for bankruptcy to make amends on their credit worthiness and also, to help them make better financial situations as time goes on.

With the information gathered through the post-bankruptcy courses, you are sure to utilize them and learn to live on budge and at the same time, work towards rebuilding your credit after bankruptcy. One of the ways you can effectively follow up your progress on your credit is through the credit reports. Make it a point of duty to always get updated information concerning your credit score. There are three agencies which are designed specifically for this purpose. You are entitled to one free credit report on yearly basis. When you check your score, you should also try to find out if there are any errors on the report so that they can be rectified as soon as possible.

If you have passed through personal bankruptcy, the two things that should be uppermost in your mind need to be: making wise budget in order to save money and rebuilding your dented credit history. It may seem to be a difficult task but with perseverance, you can improve on your credit history after bankruptcy. You can also achieve more in this respect when you keep careful track of all expenditures you make and ensure you’re your bills are paid on time without letting them accumulate and becoming too burdensome. If you intend applying for home refinancing, it is advised by the experts to wait for not less than six months before sending in your application.

Do you intend to be credit wise after bankruptcy? Then making use of the information you gathered through the series of pre-bankruptcy and post-bankruptcy courses will help you a great deal.

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Category: Blog, Remove Bankruptcies

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