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How to rebuild your credit after bankruptcy

With so many benefits of bankruptcy, it's easy to make the decision to move in this direction. However, before you do so, you should also implement a plan for rebuilding your credit after bankruptcy. This will ensure that you're ready to hit the ground running at the appropriate time.

While there's no right or wrong way to rebuild your credit after bankruptcy, there are five basic tips you can follow to put yourself in position for success:

  • Review your credit report: Pay most attention to anything that doesn't look quite right. There's a chance that an error is dragging down your credit score. If so, you'll want to dispute it with the appropriate credit bureau.
  • Create a budget: Rebuilding your credit after bankruptcy is all about making the right financial decisions. If you begin to miss payments once again, you can't expect to rebuild in the near future. Instead, you'll find yourself heading down the wrong path.
  • Apply for a secured credit card: You're not likely to qualify for an unsecured credit card shortly after filing for bankruptcy. However, a secured credit card can do big things for your credit report and score. Your security deposit acts as both your credit limit and collateral. If you manage your credit card in a responsible manner, you'll find your score climbing soon enough.
  • Become an authorized user: If you don't want to carry your own credit card, become an authorized user on someone else's account. This allows you to take advantage of the benefits, without being solely responsible for the account.
  • Don't rush: With your bankruptcy remaining on your credit report for a minimum of seven years, there's no reason to get ahead of yourself. By taking the recovery process one step at a time, it's easier to remain on track and make decisions that will have a positive impact in the long run.

If you're closing in on a bankruptcy filing, turn some of your attention to the future. There are many ways to rebuild your credit after bankruptcy, and you'll want to have a strategy in place to guide you.

Visit our website and read our blog for more information and advice pertaining to the bankruptcy process in Washington D.C. and how to recover.

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Bristle & Yi Law, PLLC
9200 Church Street
Suite 202
Manassas, VA 20110

Phone: 703-278-2027
Phone: 703-454-0701
Fax: 703-649-6368
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