David,
If you or anyone you know has ever file bankruptcy than for them to get back on their feet [fast] they MUST know…
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How to Rebuild Credit After Bankruptcy Copyright 2011 / All Rights Reserved
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See the video article here:
http://www.creditrepairpublishing.com/rebuild-credit-after-bankruptcy
In this article we’re going to cover what I believe to be the best strategy for rebuilding credit after bankruptcy.
If you stick to some basic rules and follow some very basic steps you may be surprised to find that you can have a very healthy credit score within a relatively short amount of time after your bankruptcy. Before we get into the method itself, let’s talk a little about why it works. This “credit after bankruptcy” strategy works because of a special aspect of the credit scoring system known as “scorecards”.
In credit scoring, a “score card” categorizes and scores consumers based on their credit performance compared to others in their same category. It’s kind of like the credit world’s equivalent of “grading on a curve”, but this “grading curve” can hurt you just as much as it can help you.
Both FICO and the newer Vantage score use scorecards, so the general discussion here should apply to both. A scorecard might, for example, look at patterns for consumers who have filed bankruptcy. Statistics might show that if a consumer has late payments within a few months of bankruptcy, hey are highly likely to have even worse credit problems in the future. Statistics might also show that consumers who keep their credit clean after bankruptcy for at least a year or two are much less likely to default on loans.
This means that consumers on the bankruptcy scorecard who have late payments popping up within a year or two of their bankruptcy will likely see their score drop even more and will have an extremely difficult time bringing it up from there. Why? Because it looks like they haven’t learned their lesson, and