Tips on Rebuilding Your Credit

  • Friday, January 17, 2014

    Don’t Wait To Rebuild Your Credit

    After filing bankruptcy, it’s a good idea to get started on rebuilding your credit. If you take a few simple steps, you can improve your credit score quickly.

     

    Secured Credit Card

    You should begin with a secured credit card. You can typically get one from a bank, regardless of your credit score. You will have to put a few hundred dollars down as a deposit to secure the card, but it will be well worth it. This is by far the easiest way to start getting some positive marks on your credit report.

     

    Store Credit Cards and Gas Station Cards

    Next, you should be able to get a retail credit card or a gas card soon after (or even at the same time) you get your secured credit card. This is a great way to get closer to qualifying for a regular credit card if you don’t yet qualify.

     

    Regular Credit Card

    You can apply for a regular credit card right after filing for bankruptcy, but you may not qualify immediately. But after getting a secured card and a retail card, you should easily qualify for a regular credit card. Obtaining these cards will help to rapidly improve your credit score.

    Pay Them off Every Month

    The key to improving your credit score with credit cards is to make small charges on a regular basis and pay off the balances every month. This will improve your score while ensuring you don’t get into trouble with debt right after filing for bankruptcy.

    Pay Your Bills on Time

    A late payment on your credit report is like an anchor on your credit score. It will drag it down for several years. But avoiding this problem is simple; just pay your bills on time, every time, without exception.

    Don’t Forget Your Credit Report

    You can download a free credit report from annualcreditreport.com once a year. You should do this soon after filing for bankruptcy. Make sure that any debt that should be listed as discharged in bankruptcy is accurately recorded on your credit report. If you find inaccuracies, follow the credit bureau’s reporting process to dispute these errors.

    Keep Up the Good Work!

    If you stick to the plan outlined above, you will increase your credit score quickly. In fact, the typical bankruptcy client has good enough credit to qualify for a home in only two or three years after filing for bankruptcy.

     





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