Rebuilding Credit

Rebuilding credit is a process which involves many variables.  Factors such as the number of accounts, the average age of accounts, how many applications are made for credit, balances versus credit lines, and a host of other variables determine your credit scores at any given time.  Given the large number of factors that go into determining one's credit score, it is very important to educate yourself about the credit scoring process.  Our clients almost always stress their concern about losing their ability to get credit for years after filing bankruptcy.  While it's true that filing for bankruptcy will greatly effect a person's ability to obtain credit, the more effort a bankruptcy filer puts into rebuilding their credit the quicker the credit scores will improve and access to credit will increase.  

One excellent source for information regarding credit repair, lists of bankruptcy friendly lenders, credit reporting, credit scoring and many other related topics can be found at www.creditboards.com

I would also recommend going to the library or bookstore to research the many publications which discuss obtaining credit after bankruptcy.

In short, given the vast numbers of individuals who have filed for bankruptcy (over 6 million individuals in the last five years alone) it is safe to say that many creditors have established products and services to offer to those who have found it necessary to file for bankruptcy.