The North Carolina Bankruptcy Information Blog

After a recent bankruptcy you may be feeling the need to build your credit “credibility.” While it’s always important to understand the perils of plastic—the reason many average Americans choose bankruptcy in the first place—it’s also important for a better financial future to show creditors that you can successfully manage that type of debt.

Even qualifying for an initial credit limit of $1000 is a good place to start for a newly-discharged debtor, assuming a few conditions are met, including:

(1) You are Pre-Approved for a Credit Card
Qualifying for the a credit card is a little like going to the prom…it always feels better the more you are asked.…

In the mafia, there’s always a “fixer:” someone in the organization who will do the dirty work, get things done, and do so without any hesitation at all. And while the “fixer” is good at what he does, he has a tendency to be an unseemly character, whose unscrupulous tactics leave a lot to be desired.

This is a good parallel to remember when people promise you quick “fixes” to your poor credit score. Unfortunately, it’s a practice that happens often out in the world—especially in these tough financial times, when credit is expensive and loans aren’t easy to come by, especially for those with a poor credit history.…

In the beginning weeks of 2011, Americans all across the country are making (and sometimes breaking) resolutions of all types: vows to finally lose those holiday pounds; promises to eat healthier and exercise more; and possibly (and more probably) earnest efforts to lower debt and save more during these tough economic times.  But for those financially-strapped individuals who are bankruptcy bound or finally exiting the process, some resolutions are worth keeping. So, in the interest of helping you honor your financial goals, we introduce the series, Bankruptcy Resolutions 2011, where we’ll examine a few examples of keys to bankruptcy (or post bankruptcy) success in the New Year.…

By now most consumers know that one of the first things to take a hit when debt problems come knocking is the good ol’ credit score. Sometimes people end up with a bad debt hanging like an albatross around their necks–and dragging down their credit scores–for years. But there is light at the end of the tunnel: negative information can only legally remain on your credit report for so long before it gets wiped away. After 7 years, you can expect a bad debt to be scrubbed from your report; but can you rely on the credit reporting system to ensure you’re not getting a raw deal?…

Coming out of bankruptcy is a great milestone. It renews confidence, offers comfort and provides you with a sense of accomplishment from meeting a tough challenge head on and surmounting it.

Like most people who have experienced these emotions, you have comprehensive understanding of how to better control your spending and look out for your financial well-being. One component of that is learning to identify common credit report problems that arise after bankruptcy.

Look for a record of credit agency activity that is listed separately from the debt they tried to collect. This makes it appear as if you had two outstanding debts.…

We see the commercials, hear the clever tag lines and are inundated with information about how to receive our credit report. So while a goofy guy singing catchy tunes about the perils of not knowing what’s on your credit report certainly has its marketing merits, his chorus doesn’t say much about what to do when you find something on your report that doesn’t ring true.

First, make sure that your report is indeed your report, as many of the mistakes found involve the most basic information, such as your name, social security number or birth date.

Look for items that are older than seven years, which signifies that a report item must be removed.…