How easy is it to rebuild your credit after bankruptcy?

Legally, bankruptcy stays on your credit report for up to years and it can really bring down your credit score to about 250 or lower. Bankruptcy is not really the best step to take to get out of debts and should only be seen as a last resort. Rebuilding your credit after bankruptcy might take some time; for some people it takes a shorter time while for others it might take a longer time, it all depends on how fast the person starts to rebuild his credit and also how well he/she adopts a responsible use of credit.

There are people who have been able to build their credit after 30 months of declaring bankruptcy. These people started building their credit fast and developed a good and responsible credit habit, such as paying up their bill on time and avoiding buying what they cannot afford. You can start building your credit, after declaring bankruptcy.

Get a secured credit card and try to avoid avoiding doing the same things that got you in the debt in the first place.

So, the first thing to realize is that the bankruptcy will stay on your record for up to 10 years. After that it will no longer affect your current state. But there are many things you can do to help rebuild credit.

This is a bankruptcy law article that talks about rebuilding credit after bankruptcy: westpalmbeach-bankruptcyattorney.com/art... Perhaps the most important thing is that you have to keep using credit-I know that sounds crazy-but the more you use credit but make timely payments that indicate that you are being fiscally responsible the better for repairing your credit score.

Great question, the process to rebuild your credit post-bankruptcy can be a long and tedious one. But there is hope. After bankruptcy the majority of your debts are either discharged or you will be on a repayment plan appointed by the courts (depending on the bankruptcy you file).

The first thing they need to do is get a copy of their credit report. And get in the habit of checking their credit once a year. Make sure they get a report from all three major bureaus – Equifax, Transunion and Experian.

They'll review their report and make sure they know all three scores from each of the bureaus so they have a starting point for seeing changes following their bankruptcy. Responsibility is the most important foundation of a strong credit profile. Opening new accounts responsibly and paying the bills on time each month is a good step towards repairing a credit history.

Keep balances low (at least 30% of your credit limit) or pay them off every month. Be aware of credit clean up schemes that could promise perfect credit for a high fee upfront for things they can do themselves. There is no need to be frustrated, this is a slow process, but there certainly is hope.

Negative items (collections, charge offs, late payments, judgments, etc) will stay on a eport for seven years and bankruptcy, ten. This doesn’t mean that before they drop off, there won’t be any improvement. The further in the past the negative item is, the less it impacts credit scores.So with patience and planned measures one can slowly yet steadily build up their credit rating after a bankruptcy is closed.

I hope this helps! Good luck to your friend! Debtmerica Team.

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