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 ˇ°specializeˇ± 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!
Subscribe to credit is key's phenomenal 7 lesson series that is sure to get you on the fast track to credit restoration, to credit after bankruptcy. Simply visit http://www.creditiskey.org and begin your life after bankruptcy.
About The Author:
Alan Thomas is a writer with Credit is Key, having specialized in credit related issues for well over 15 years; Alan is a recognized expert in assisting those get back on their feet after credit related problems.
April 2006
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