I filed bankruptcy more than 7 years ago

JustAnon,

Your credit score is lowered by 200 points when you file a bankruptcy. Generally Chapter 7 stays in your report for 10 years and Chapter 13 stays for 7 years.

Once bankruptcy disappears from your report, your credit is supposed to shine and you become eligible to receive loans again.

You can definitely go for credit counseling. The counselor can suggest you some good strategic plans that will help you raise your score.

Lot of controversy is there about the effect of credit counseling on credit score. But it has been proved over years that people who undergo credit counseling can repay their debt more if compared with those who don't. Moreover less number of people availing credit counseling file bankruptcy. So credit counseling is definitely going to bring some benefits to you.

A bankruptcy can stay on your credit report for up to 10 years

Hi Justanon,

I would recommend applying for a secured credit card, where you deposit money into an account, and that is your credit card limit, and if you were to default on that card, that money is used to pay it. It is an easy way to establish credit by making the monthly payments on time and not going over the credit limit.

Another thing to mention, don't go on an applying spree, because inquiries will end up hurting your credit score.

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~Mary