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Re-Establishing your Credit - Utah Home Loans
Going through a bankruptcy can be a very traumatic event, both emotionally and financially. Your confidence in your ability to function financially may have been shaken and you may be wondering if there is any hope for your credit after this bankruptcy. The good news is that you can establish good credit again and there will even be lenders willing to loan money to you in the future.
First, you need to realize that bankruptcy does not affect your credit forever. While it can appear on your credit report for as long as ten years, if you immediately start managing your finances better and paying your bills on time, the bankruptcy will have less and less bearing on your credit score as the time passes.
Remember though, that your bankruptcy effort on your credit will only lessen as you make wise, responsible financial decisions. This may mean changing some of your old habits. If your bankruptcy was the result of consistent overspending on your part, it is time to learn how to live within your means by using a budget. If a financial crisis or medical emergency was the cause of your bankruptcy, it will be important to focus on building ... more
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