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How Long Does it Take to Reestablish Credit after Bankruptcy or Foreclosure
When you file for bankruptcy or suffer from a home foreclosure it can feel like the world is coming to an end. Whenever you hear about a foreclosure or bankruptcy on the news they make it sound like the business or individual will never be able to enjoy the luxuries good credit can offer again. The truth is, it doesn't take as long as you think to reestablish credit after a bankruptcy or foreclosure, and there are a number of things you can do to speed the process.
How Long Do Blemishes Stay on a Credit Record?
One of the first things to consider is how long the bankruptcy of foreclosure will remain on your public record. According to FICO, which is the leader in credit scoring, it can take between 7 and 10 years to repair your credit.
Foreclosures remain for 7 years
Chapter 7 bankruptcy remains for 10 years
Chapter 13 bankruptcy remains for 7 years
It is also important to note that all late payments remain on your credit record for 7 years as well. This means that if you make the effort to make timely payments after the blemish that, at most, you can expect no more than 10 years of poor credit after a bankruptcy or foreclosure.
You Can Improve Your Credit after Foreclosure or Bankruptcy
Even though a foreclosure or bankruptcy will remain on your record for a few years, these are only one factor of your credit score. There are a number of things you can do after the fact to improve your credit rating. In fact, many people end up with better credit scores than they had before the bankruptcy or foreclosure even with the blemish on their record. If you have suffered from a foreclosure or bankruptcy make sure you make your monthly payments on time and get a credit card and make timely payments. Soon you will see your credit score rise and you will once again be in the top tier of consumers on the FICO scale.
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To learn more about factors to consider when applying for or using a credit card, visit the website of the Federal Reserve Board at http://www.federalreserve.gov/creditcard.
To get a free copy of your credit report from the three major credit bureaus, go to www.annualcreditreport.com
How Long Does it Take to Reestablish Credit after Bankruptcy or Foreclosure
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