What is going to happen to your credit after your bankruptcy? You should know that credit after bankruptcy is going to be a bumpy ride, but it is going to get better after time. Here is what to expect.
First, you will have to expect that it will be hard for you to finance anything. This includes cars, furniture, homes, or anything else you might try to finance. Companies will not be ready to trust you with a loan yet. It will take a couple years to get to where they are ready to help you.
Second, expect the credit card companies to all want your business. They will try to get you with a huge interest rate and fees like crazy. They know that they are safe because you cannot file for bankruptcy again for quite a while. This is why they become the hawks that are after you. Avoid these offers at all costs.
Last, expect that your credit will be worse than before your bankruptcy at first. After a year or so your credit will start to get better, but it will take about 2-4 years for your credit to really start to get back to normal. After 7 years your bankruptcy will be gone and you will be back to a new life with a new credit score.
Credit after bankruptcy is something you will have to deal with. It will be a bump ride, but after a few years you will see the improvements you are hoping for. Just do not get stuck back where you were before bankruptcy because you decided to take out a few credit cards.
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