After bankruptcy credit repair is the first step you have to take to improve your financial history after being discharged of debts from bankruptcy.
Credit plays a very prominent role in many aspects of your life and a bad history can make it impossible for you to buy a car, or get a new job, or in some cases may also prevent you in getting insurance. So the faster you begin this process, the sooner you can recover your financial reputation.
After bankruptcy you will find it extremely difficult in obtaining any new credits.
So starting a financially sound plan can help to re-establish your credit-worthiness and securing future loans from creditors.
The first step you have to do to improve your financial record after such an economic ruin, is to get a copy of your credit report and ensure that all your creditors have updated your financial file.
Make sure that there are no dues (for debts included in the BK) in your report, as this may significantly lower your score.
Then start off by applying for a secured credit card and pay dues for this card on time. This is one of the best ways to increase your score. If you are maintaining this card properly, then in a few months you will become eligible for an unsecured card with a low balance limit.
Pay your dues regularly and keep an eye on your report, so that you do not exceed your limit and end in financial devastation again.
An after bankruptcy credit repair can be a slow and tedious process, that takes time to bear results if you do it on your own. Hiring a credit restoration professional will make it easier.
Either way, starting this process early and working diligently towards regaining your score will ensure that you reach your goal.
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