Know the truth and get the help you need

Credit after bankruptcy 

Everybody “knows” that after you file bankruptcy your credit will be destroyed for  10 years, right? That’s what most people think.   They’re right, and they’re wrong.  Here’s what you need to know about credit after bankruptcy, and it’s actually very good news for you. 

By itself, bankruptcy will lower your credit score.  The higher your score is when you file, the more the drop will be.  While this is true, it’s certainly not the whole story.  It’s what comes next that really matters. 

Everyone who files bankruptcy starts with the same opportunity for credit recovery.  You can recover credit after bankruptcy very quickly if you know how. 

Some people recover credit after filing chapter 7 bankruptcy in a very short time.  Some recover credit after filing chapter 13 bankruptcy while they are still in their plan.  Yet, sadly, some people never seem to recovery their credit after they file, or it takes them five to ten years to recover.   

What’s the secret to recover your credit after you file bankruptcy?  You need a plan.  I have developed a plan that is extraordinarily effective.  My clients are wiping out their debt, and rebuilding their credit at warp speed.   

It’s not hard.  It does take time and effort.  It can’t be done in 90 days, like you see on some websites.  Time itself is a critical factor in your credit recovery. 

GOOD CREDIT AFTER BANKRUPTCY DOESN’T JUST “HAPPEN BY ITSELF” 

Many who file bankruptcy believe one of two things about their credit. Both are wrong and both spell bad credit for them.  Perhaps you believe one of these fallacies yourself.  I’ll bet you’ve heard them before. 

Credit Myth #1 – Bankruptcy Kills Credit for Ten Years. 

This myth comes from the fact that bankruptcy can be reported on your credit report for years.  How many years?  If you file chapter 7, the credit bureaus can report your chapter 7 bankruptcy for 10 years from the filing date.  For chapter 13, it’s 7 years.   

People mistakenly believe that if a bankruptcy appears on their credit report, it necessarily ruins their credit, and keeps them from improving their score.  This is totally and completely false.  I have hundreds of clients who have achieved credit scores over 700 within one year of their chapter 7 discharge.  

Credit Myth #2 – Your score will automatically get better after you file bankruptcy. 

The opposite belief from myth #1.  These folks believe that just because you wipe out your debt, somehow this will automatically result in improvement in their score.  They equate absence of debt with improvement in their credit.  This is also totally wrong. 

 The truth about credit after bankruptcy 

The truth is that you can recover credit after bankruptcy, or even while you are in a chapter 13 plan is not only possible, but not very difficult. 

My course will teach you how credit scores are calculated.  There are more than 80 factors that go into the score, most are closely guarded secrets.  But there are a few important factors that make up most of your score, and we can LEGALLY MANIPULATE them to boost your score in an amazingly short time.   

These factors are NOT secrets!  Yet, they seem to be virtually unknown to most people.  I focus on the simple, practical and effective things you can do after you file your bankruptcy case to IMMEDIATELY begin to rebuild credit after bankruptcy.   

The Basic Building Blocks of Credit After Bankruptcy 

In my course, you’ll learn about the “Big Five” factors to recover good credit. 

Payment History. 

This makes up 35% of your score.  Creating a history takes time.  This is why I say it is IMPOSSIBLE to effectively recover your credit in 90 day (more on that scam in my course!). 

Credit Utilization.  

Also called your “utilization ratio.”  This is the percentage of available credit you are using.  It’s averaged between all cards.  There is a “magic number” that is different for you if you have filed bankruptcy, so don’t use the “advertised” ratio if you want best results.  This factor makes up 30% of your score. 

Length of Credit History. 

This is the length of time your account has been open AND the length of time since the account’s most recent activity.  This factor accounts for 15% of your score, and is one more reason why you can’t effectively recover your score in just 90 days. 

New Credit. 

Not understanding how to apply for and successfully obtain new credit causes many people to fail in their credit rebuilding.  This factor accounts for 10% of your credit score, and has to be done in the right way.  Timing is everything in rebuilding credit after bankruptcy.

Credit Mix. 

This is also referred to as a “healthy mix of credit” and is described as a “vague category” by many credit experts.  It accounts for 10% and refers to having different types of credit, not just credit cards. 

The key to successfully rebuilding your credit is having a proven program specifically designed for the unique challenges faced by those who have filed bankruptcy.  My program was designed especially for my clients in bankruptcy. 

I have adjusted and refined the program, and continue to keep it updated, so that we rebuild credit after bankruptcy in the shortest possible time.  The results are consistently the same.  It just works!