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Rebuilding Credit After Bankruptcy

It’s no surprise that bankruptcy takes a massive toll on your credit score. Although the damage can last up to 10 years, it’s impact will fade over time. With the right plan, you can begin making an effort to improve your credit score before right after bankruptcy. Here are a few general tips that you should take to rebuild your credit.

1. Pay Bills on Time

One of the easiest ways to rebuild your credit is by paying all of your bills on time. The more consistent you are, the more positive credit activity you will generate for your credit report. Make it easier to pay your bills by setting up monthly reminders or signing up for automatic payments.

2. Use Secured Credit Cards

A secured credit card, which requires a cash deposit, is an easy and accessible way to rebuild your credit after bankruptcy. Use it to make small purchases and pay off the card in full each month. You can ask your bank for more information.

3. Pay Your Student Loans

Student loans are not eligible for discharge, so make sure you keep up to date with payments. If you need more time or manageable payments, talk to your loan provide and see if you qualify for income-based repayment plans.

4. Stick to Your Budget

While many of your debts may have been forgiven, it can be easy to slip back into bad habits. Set up a strict budget and stick to it. Avoid purchasing items, such as expensive clothes and tech gadgets, that you can’t afford.

5. Check Your Credit Report

After bankruptcy, you need to track your credit report to ensure you don’t have outstanding debt. You may not have realized that  certain debts were not forgiven, so you need to make sure they are eventually paid off.

At Justice Café, our low cost attorneys can help you with more than just bankruptcy. We are committed to help you raise your credit score in order to get back on track. Call (888) 817-6610 or contact us online and we can help you get started on your financial recovery.