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First things first - get a copy of your credit report and make sure that your debts are shown as discharged. If not, then you have to cleanup your credit report by contacting the three bureaus and notifying them that your debts have been discharged. This may be a tedious, time consuming process, but it is very important to make sure that your credit report is accurate.
Many people who leave bankruptcy court are surprised to see that the credit card companies offer credit cards to the bankrupt. It may seem odd, but their reasons are sound ones. Once you get out of court, you cannot have your debts wiped out again for eight years. That means that anything you charge in the meantime must be repaid. These companies like knowing that they will be paid. Oh, and the interest rate they offer will probably be in the neighborhood of 30% per year. And your limit will probably be quite low. And the annual fee will probably be quite high. In short, their offer will be no bargain. But if you accept, and make small and regular charges and pay your bills every month and on time, you can slowly rebuild that damaged credit score.
It is possible to speed up the process a bit if you know someone with good credit who will be willing to set you up as an authorized user on one of his or her credit cards. All they have to do is put you on the account. You do not have to use the account and you do not have to pay the bills. Just having your name on the account will help you rebuild your FICO score. The downside, of course, is that you could be negatively affected if your friend or relative who owns the account fails to pay it. But as long as they are good, you will benefit.
Rebuilding credit is a difficult task and it may seem daunting to anyone who is coming out of court. But it is worth the time and effort.
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