Credit Repair After Bankruptcy

Improve Your History

Credit repair after bankruptcy is an essential task that is crucial for you to engage in after this devastation to improve your damaged financial history. Though not an impossible task to accomplish, it is a very difficult and time consuming process. This is one of the reasons to consider a professional.

The first thing that you have to know before attempting restoration is that a bankruptcy cannot be wiped clean from your record for a period of 7-10 years unless the bureau is unable to document the incident. So no matter how much you improve your financial history on your own, there is a good chance that the bankruptcy will stay on your report unless you get the help of an expert that knows what s/he is doing.

Also repairing your financial record is a very tedious job and potentially long term process. But the good news is that, creditors usually only regard your recent records, so if you are earnest in your approach to restoration, your creditworthiness will increase and you will find it easier to get new credits.

Credit Repair After Bankruptcy: Steps to Improvement

The following steps if followed can help in improving your credit score.

  1. After bankruptcy pay off your remaining debts (student loans, mortgages, etc.) regularly. This is the best way to maintain your financial status and works towards increasing your score.
  2. Get a secured credit card, and make payments to this card on time. This is one best way to improve your standing. We opened two new secured cards and 3 new secured loans. 
  3. Apply for a CD (Certificate of Deposit) loan from a bank and pay the interest for this loan regularly and on time.
  4. Hire a restoration service to help get any negative marks off your record. Although this can be done on your own. Someone who knows what they are doing can be extremely valuable to your financial success.
  5. After a few months you might be eligible for a low limit unsecured charge card. Use this card and pay off your balances in full regularly each month. This improves your payment history.
  6. Carefully plan your finances. Budgeting is essential and staying within that budget is vital.

Generally credit repair after bankruptcy takes time. But this process should not only be followed to improve your history but also to help you in managing your money so that you do not end up here again.

More On Credit Repair After Bankruptcy

After Bankruptcy Credit Repair - More guidance on what to do to help yourself.

Bankruptcy Credit Repair - Prepare yourself to fix your financial history.

Repair Credit After Bankruptcy - A few more steps to take to make a difference in creating a new financial history.

Improve Credit Score After Bankruptcy - Steps to get your increase your score.

Should I File For Bankruptcy - A tough decision to make so get your facts together first.

Bankruptcy vs Debt Consolidation - Learn the difference between the two so you can make an informed decision.

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