Rebuilding Your Credit After Bankruptcy

How to Rebuild CreditRebuilding credit after bankruptcy can be difficult and often a hard road to travel. People do not ever expect having to file bankruptcy and they do not expect on having to rebuild their credit.

Getting credit can be hard, especially after filing bankruptcy but there are things that you can do to rebuild your credit and have a great credit score.

Don’t ever think that you will not have good credit again. Many people have had great success with rebuilding their credit and having a high credit score.

Ideas On Rebuilding Your Credit After Bankruptcy

When it comes to rebuilding credit after bankruptcy, you have several options to choose from. Here are some ideas on how you can rebuild your credit and increase that credit score.

  • Secured credit card. Find a local bank or credit union in your area that offers a secured credit card. A secured card from a bank allows you to put money up front on a card and be able to use the card. For example if you give the bank $200 you will be able to spend $200. In this choice in rebuilding your credit you will need to shop around and make sure that the fees are not too high. Some banks may charge tremendous fees for these cards. You will also need to see whether or not they are reporting to the credit reporting agencies. If they are not reporting to all three, then that is not the bank or credit union that you will want to go with.
  • Bank loans. Some credit unions and banks will give you a secured loan. Meaning that you pay the loan off up front and then you get the money. This can help build your credit quickly and help repair whatever damage was done.
  • Unsecured credit cards. Generally after you have been paying on a secured credit card for several months you may be able to get an unsecured credit card. This means that you will not have to pay anything up front. If you do get an unsecured card you will need to make sure that you make the payments on time and never skip a payment. If you do your payments the wrong way it could hurt your credit.
  • Retail cards. Some stores offer their own version of credit cards. You may be able to get one and if not you will be able to once you have built your credit with the options above.
  • Gas cards. Gas cards can help you build your credit as well. Make sure that you pay the payments on time and never default on them.

As you can see there are many ways to go about rebuilding credit after bankruptcy. Be sure that you take your time and put forth the effort to make sure that your credit is rebuilt. In no time you will have your score back up to where it needs to be so that you can get the things that you need without any problems.

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Rebuilding Your Credit After Bankruptcy