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Some Tips On Credit Repair After Bankruptcy

Some Tips On Credit Repair After Bankruptcy

Bankruptcy is not the end of the world. Depending on the type of bankruptcy you went through you can get back on your financial feet within a couple of years but it takes hard work and dedication to bettering yourself. Credit repair after bankruptcy takes a long time and requires you to make only the best decisions you can so you need to be smart and follow this little guide to credit repair after bankruptcy.

A bankruptcy will follow you around for quite a while. If you took the high road and used a Chapter 11 then it could be on your credit report for 10 years or more. If you used a Chapter 7 then it could fall off your report sooner depending on how long it takes to satisfy the creditors. But credit repair after bankruptcy in either case is not impossible, you just have to learn to live within your means which can be tough because living outside your means is what got you to needing credit repair after bankruptcy in the first place. But there are things you can do to help with credit repair after bankruptcy.

What To Do

The first thing is to pay your bills. Now more than ever utility bills and all sorts of bills you would never expect are tied to your credit score and if you want to start credit repair after bankruptcy off right then the first thing you want to do is to just start paying your bills. Once again none of these are quick fixes because there are no quick fixes when it comes to credit repair after bankruptcy but this is one thing you can do that is simple that will help you out a lot.

You need to live within your means as well. No more credit cards, with one exception you will see below, and no more department store cards. Chances are you will not be able to get these cards for a while anyways but any offers for these cards are invitations to trouble. Take the next couple of years to get used to living within your means before you start looking at real credit again.

Finally you are going to want to get a secured credit card. Everyone needs a credit card of some sort and a secured card is one where you determine the balance by depositing money into the card. It is not a true credit card but as long as it has the Visa or MasterCard logo on it, and you use it within the rules, it will help you with credit repair after bankruptcy.

Image by: Aschevogel