Tips For Repairing Your Credit After Filing For Bankruptcy
Filing for bankruptcy provides you with the opportunity for a fresh start. However, it does come with consequences. It could take up to 10 years to completely repair your credit report after filing for bankruptcy, depending on the condition of your credit report, and when it was reported.
Some tips for restoring your credit report:
- First, review your credit report in detail to make sure that the bankruptcy is recorded as it should be. All debts included in the bankruptcy filing should be noted, so that creditors are aware it no longer exists.
- Carefully start rebuilding your credit. Get a single credit card with a small limit, and pay the entire balance each month before the due date. If you can’t get unsecured credit, try a prepaid credit card.
- Do not max out your credit cards. Your credit score is contingent on your credit ratio, which is the amount of outstanding credit you have in comparison to your credit limit.
- Develop a strict budget and follow it.
- To avoid late payments, enroll in bill auto-pay.
- If you have a student loan, be sure to pay it on time. Student loans are not absolved when filing for bankruptcy.
Getting your credit report back on track after filing for bankruptcy can seem like a daunting task, but it can be done. Focus on replacing the negative with positive credit activity.
Where to obtain a copy of your credit report:
www.experian.com
www.transunion.com
www.equifax.com
If you have any questions, fill in the form below.
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