How long does it take to rebuild credit? 24 Answers as of June 25, 2012

I filed bankruptcy one year ago. I wanted to rebuild by credit to become eligible for future loan. Can I get rid of my bankruptcy record?

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McNally & Associates, P.C. | Gerald McNally
You can rebuild credit in as little as two years. You must remember the three "Cs" of credit: Character, capacity and capital. Character can be bolstered by having car loans or secured credit cards through your bank, and religiously paying them on time. The way never to be late is to get on to the creditor bank's web site and to instruct them, at least 2 or 3 days before the due date, to take your payment out of your bank account. DO NOT trust your bank to get it to the creditor bank on time! The second way to rebuild your credit is by increasing your earnings (capacity). The more you earn, the more debt you can handle. And the third way to get more credit is to have reserves (capital).
Answer Applies to: California
Replied: 6/25/2012
Burton Green, Attorney | Burton Green
Your bankruptcy stays on your credit report for 10 years. You can start rebuilding credit immediately. Go online and read about credit rebuilding. Its all there.
Answer Applies to: Florida
Replied: 6/25/2012
Robert Peters, P.A.
Robert Peters, P.A. | Robert L. Peters
There are many ways to repair your credit post bankruptcy. You might consider obtaining a secured credit card to start and work yourself up from there. With regular on-time monthly payments you will rebuild your credit. Be careful not to obtain too much debt and end up in the same position.
Answer Applies to: Florida
Replied: 6/22/2012
Law Office of Lynnmarie A. Johnson
Law Office of Lynnmarie A. Johnson | Lynnmarie Johnson
You can't get rid of your bankruptcy record but you can rebuild your credit! Check out our local credit unions and see if they have "fresh start" revolving credit card, finance a low cost car, etc.
Answer Applies to: Michigan
Replied: 6/21/2012
R. Jason de Groot, P.A
R. Jason de Groot, P.A | R. Jason de Groot
You cannot get rid of your bankruptcy record. It is a public record. The credit you get after bankruptcy depends upon the lending practices of the banks you apply for credit with. Because you filed bankruptcy and cannot do that again for about 7 years, any debt that would be repaid within that time frame may be less risky to a bank. Some banks just won't extend credit. Buy here, pay here car loan companies who care not about bankruptcy may be a way to get better credit. Secured credit cards may still be available from some banks.
Answer Applies to: Florida
Replied: 6/21/2012
    Law Office of Jeffrey Solomon
    Law Office of Jeffrey Solomon | Jeffrey Solomon
    Your bankruptcy remains a matter of record and will be on your credit report probably for 10 years. This does not mean you have to wait that long to obtain credit. Certain types of credit you might be able to obtain now.
    Answer Applies to: Florida
    Replied: 6/21/2012
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    It is on your record for 10 years, but you can get credit cards if you have been discharged which will increase your credit.
    Answer Applies to: New York
    Replied: 6/21/2012
    Law Office of J. Thomas Black, P.C.
    Law Office of J. Thomas Black, P.C. | J. Thomas Black
    How long it takes to rebuild credit depends a lot on you. If you use credit responsibly after a bankruptcy, I have had clients reach credit scores in the mid 600's after 1 year, and as high as 700 after 2 years. The record is one lady client that reported to me that she reached a credit score of 749, only 2 years after her chapter 7 bankruptcy discharge. On the other hand if after your bankruptcy discharge, you break leases or cell phone contracts, or don't pay medical bills so that the collection agencies report to the credit bureaus, or don't timely pay other debts, you may find it difficult to ever re-build a good credit score after bankruptcy. There is no legal way to remove a bankruptcy from the public record section of your credit report. A chapter 7 is reported for 10 years, a chapter 13 for 7 years. But again, it's hardly the end of the line for you credit-wise. I have had many clients that recover their credit after bankruptcy. One thing that helps is to ask the credit bureaus to re-investigate your credit report, to make sure all of the trade lines are reporting the bankruptcy accurately, and reporting a zero balance. My law firm does that as a matter of routine for our clients following a bankruptcy.
    Answer Applies to: Texas
    Replied: 6/21/2012
    Olson Law Firm | Edward M Olson
    You cannot erase the bankruptcy. You rebuild credit by making on time payments.
    Answer Applies to: Michigan
    Replied: 6/21/2012
    Steven Alpers | Steven Alpers
    It depends on you. To rebuild credit you may have to start with a small credit card or maybe a car from one of the smaller used car dealers who sell at high interest rates. If you develop a record of making payments your credit will improve over time. The bankruptcy will not come off of your credit report for at least 10 years from filing.
    Answer Applies to: California
    Replied: 6/21/2012
    Hutchins Law, P.C.
    Hutchins Law, P.C. | Aaron Hutchins
    You can start rebuilding immediately. The bankruptcy will stay on your record for 7-10 years, but you can slowly diminish its effect by getting a charge card with a small balance and paying the balance off every month.
    Answer Applies to: Massachusetts
    Replied: 6/21/2012
    Law Office of Kristen Allard Shier
    Law Office of Kristen Allard Shier | Kristen Allard Shier
    There isn't a quick way to improve your credit score after your bankruptcy. Your bankruptcy will be on your credit report for 10 years. However, as soon as you received your bankruptcy discharge your credit started improving. As long as you continue to make any payments you have now (mortgage, car payment, student loans, etc) on time, your credit will continue to improve.
    Answer Applies to: Colorado
    Replied: 6/21/2012
    The Law Offices of Robert L. Driessen
    The Law Offices of Robert L. Driessen | Robert L. Driessen
    No. Over time you will find that your credit will improve. Pay your bills on time and your credit will increase.
    Answer Applies to: California
    Replied: 6/21/2012
    Musilli Brennan Associates PLLC
    Musilli Brennan Associates PLLC | John F Brennan
    There is no control over the reports of the credit bureaus. You should seek counseling.
    Answer Applies to: Michigan
    Replied: 6/21/2012
    Alvin Lundgren | Alvin Lundgren
    It depends on how bad it is now, and how careful you are in the future and how proactive you are to rebuild your credit. Your bankruptcy stays on your credit for 10 years.
    Answer Applies to: Utah
    Replied: 6/21/2012
    Indianapolis Bankruptcy Law Office of Eric C. Lewis
    Indianapolis Bankruptcy Law Office of Eric C. Lewis | Eric Lewis
    You cannot "get rid" of your bankruptcy record. The good news is that you do not need to get rid of your bankruptcy record! You can quickly rebuild your credit after bankruptcy in quite a number of ways. For people who enter and leave bankruptcy with reaffirmed debt, such as a mortgage or car note, it's very easy to start rebuilding credit right away with an account in good standing. Others need to get small extensions of credit or secured lines to start rebuilding. Generally, after the bankruptcy discharge, many debtor's receive credit card offers right away. There is no particular time to wait or need to wait. Look into doing some of the small things that go a long way and you will rebuild your credit worthiness in no time!
    Answer Applies to: Indiana
    Replied: 6/21/2012
    Saedi Law Group
    Saedi Law Group | Lorena Saedi
    A Chapter 7 bankruptcy (I am assuming this is what your filed) will stay on your credit report 10 years from the date filed. In terms of rebuilding your credit, if you pay your bills on time after your discharge your credit should be good in about 24 months. Most major lenders will also finance a home after 2 years out from a bankruptcy. You cannot legally remove a bankruptcy that you have filed. Stay away from these credit repair companies as most of them are scams. I would advise you to pull your credit to ensure that your creditors have updated your credit since receiving your discharge.
    Answer Applies to: Georgia
    Replied: 6/21/2012
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    You can not get rid of the record, anyone who says they can do that for you, is scamming you. You can get a small secured card and use it wisely to rebuild your credit.
    Answer Applies to: California
    Replied: 6/21/2012
    Carballo Law Offices
    Carballo Law Offices | Tony E. Carballo
    You cannot get rid of your bankruptcy record but you can rebuild your credit in two or three years but that depends on your income and type of income.
    Answer Applies to: California
    Replied: 6/21/2012
    Charles Schneider, P.C.
    Charles Schneider, P.C. | Charles J. Schneider
    Rebuilding your credit involves: 1. Making more money; 2. Creating a savings account from which to place a larger down payment; 3. Get a co-signor; 4. Work your way from small loans to larger ones; Your bankruptcy record is a public record with the court and cannot be removed.
    Answer Applies to: Michigan
    Replied: 6/21/2012
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    Bankruptcy stays on your credit report for 10 years and then automatically drops off.
    Answer Applies to: California
    Replied: 6/21/2012
    Diefer Law Group, P.C.
    Diefer Law Group, P.C. | Abel Fernandez
    I think the optimal time in which you can rebuild your credit is about two to three years. This of course depends on how good you maintain your credit after you file by not acquiring a lot of debt and by making timely payments.
    Answer Applies to: California
    Replied: 6/21/2012
    The Schreiber Law Firm
    The Schreiber Law Firm | Jeffrey D. Schreiber
    It in fact occurred, so it cannot be removed from your credit report as the information is accurate. As a public record, it stays on your credit report for 10 years. You may want to consider a secured credit card to start.
    Answer Applies to: California
    Replied: 6/21/2012
    Attorney At Law | Harry D. Roth
    You can start now. When credit is "rebuilt" is in the eye of the beholder. Get a copy of your credit report and review it. Make sure it is fully accurate and write and write and write some more to get things corrected when they are wrong. Open a savings account and start with a secured VISA card (where they hold your savings account as collateral). Use the card only for the smallest things and pay the bill in full every month the moment it comes. Then apply for a few more cards, one at a time, slowly. Use each one once or twice and pay it off in full and immediately when the bill comes. Keep the balance paid off and never, ever use more than 50% of your credit limit. Don't get back in trouble with utilities or rent or doctor bills. There is life after bankruptcy. Things take time. And one more thing. If you can't afford it, don't buy it.
    Answer Applies to: California
    Replied: 6/21/2012
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