Credit Repair After Bankruptcy

Credit repair after bankruptcy is a real possibility. Some folk think that after they’ve gone through a bankruptcy that it will be impossible for them to repair their credit.

A bankruptcy will stay on your credit report for up to 10 years – there’s no way of getting it removed, but just because it is showing on your credit report doesn’t mean you can’t take action now to start building a good credit report.

What you need to do now is to start rebuilding your credit. It can be done.

Most of your previous debt will be discharged so you can start anew with building good credit. Make sure that your credit report has the balance of each discharged debt as zero.

First step to credit repair after bankruptcy is to make a diligent effort to get your current bills paid on time and any payments due paid by their due date.

Your payment history accounts for over a third of your credit score. So you want to start right where you are now and never miss a payment or make a late payment.

You want to show, over a meaningful period of time that you have put your credit problems behind you as far as the bankruptcy is concerned and that you now pay your bills on time every time.

This one action alone will count a great deal towards credit repair after bankruptcy.

Next step is to get a secured credit card. This is a credit card where you place the credit limit as a deposit with the bank.

You only want a small limit and you only want to use it to make small purchases which you can pay back in full by the due date.

The only reason you get this secured credit card is to show that you can use credit responsibly and pay it back in full each month.

It is not meant to be used to go on a spending spree, or to be used up to its credit limit. It is a means to show how responsible you can be with credit.

If you feel you can’t control your use of it in this way, then you would be better off not getting a secured credit card in the first place.

You are doing these things to start your credit repair after bankruptcy so you take a planned approach to each of these techniques which will eventually help you build a good credit record for yourself.

It takes time and diligence but you can achieve credit repair after bankruptcy. This article has covered a couple of techniques you can use to get you started.