Credit Repair After Bankruptcy. A guide to repairing credit after bankruptcy quickly fix bad credit. Learn the truth about establishing credit after bankruptcy. Repairing your credit after bankruptcy doesn't have to be hard!
Credit repair can be a challenge. While your credit score is based on several factors, including how you pay your bills and how much credit you have, bankruptcy can put a sizable dent in your score.
What’s more, a bankruptcy remains on your credit report for ten years.
However, there are some things that you can do to raise your credit score, even after you have incurred a bankruptcy. Some of these are simple and some require a bit of work.
You should obtain a copy of your credit report from each of the three credit reporting agencies: Experian, Trans union and Equifax.
By law, every consumer is entitled to one credit report from each of these agencies annually. When you receive your report, review it carefully, looking for errors and discrepancies.
If you find any, contact the credit reporting agency and inform them that the information on your credit report is inaccurate or is outdated.
The agencies then, by law, have 30 days to investigate and correct the mistake if it is found to be valid. However, if the information is accurate, although negative, this is not a valid claim and the agencies are not required to change it.
You know that it is important to pay your bills on time, but did you know that even one missed payment or slow payment on your credit cards, car note, student loan or mortgage could result in highly inflated interest rates for you?
Additionally, slow payments and missed payments will only act to reinforce a potential creditor’s apprehension about loaning money to you or extending credit to you.
When they see your bankruptcy and then see that even after the bankruptcy you still make slow payments or miss payments, they won't touch you with a ten foot pole.
Get a secured credit card and use it for small purchases. Make sure that you pay your bill on time each month and don't miss any payments.
Over time, you will be able to build up a credit limit, but make sure that you pay the entire balance each month.
Don't apply for more than two credit cards at a time. This includes major credit cards, store cards and fuel cards. Keep your credit accounts in good standing by paying your bill on time and never missing a payment.
Keep this up for a long time, preferably for the as long as you have the credit card.
Also, resist the temptation to apply for loans or increase your credit limit beyond what you can repay at the end of each month.
Credit repair after bankruptcy may be a bit difficult, but you can do it. If all else fails and you find that you are having a difficult time, check into hiring a credit repair law firm to step in and help you.
The important thing is to get your life back on track and your finances to a manageable level.
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Disclosure: I am an independent Credit Repair Cloud™ Affiliate, not an employee. I receive referral payments from Credit Repair Cloud. The opinions expressed here are my own and are not official statements of Credit Repair Cloud.