To be honest none of us would ever like to be bankrupt one day. The term bankruptcy has much more meaning to it than its simple name. It is not only associated with the financial loss but also with the inability to pay the debt. Though the definition can be labeled at partially correct, it surely is not a condemnation of life. That is not the end of life or your business; it can take some years or even some months to restore your credit score back to normal. As soon as we go bankrupt, there are several questions which pop up in our mind like how can I repair my credit after bankruptcy? Can I get credit after bankruptcy? What are the best ways to rebuild credit after bankruptcy? How to rebuild credit after bankruptcy? Is it possible to rebuild credit after bankruptcy?
If your credit rating at the time of filing bankruptcy was 680, after declaring bankruptcy, the score might drop by up to 200 points, to 480. Therefore, means that after the bankruptcy, you need to begin working ways of increasing your credit rating. It is always said that to rebuild your credit rating after bankruptcy; you need to restore your credit score to higher levels. Below are some of the options to achieve that.
- Monitor your credit score: After bankruptcy, get the credit report and know your current score. Check to see if there may be any inaccuracies or incorrect entries. Also, take note of the outstanding debts.
- Open a bank account: The opening of new savings or checking account demonstrates that you are rebuilding financial stability. After opening the bank account, you may sign up for automatic online payment of bills to ensure all bills are paid on time.
- Apply for and get secured credit card: If you do not want to go that terrain again, get secured credit cards. Check and compare the various rates of interest in different credit cards and choose one with reasonable prices and low annual fees.
- Get retail card or gas card: Use the gas card for purchasing gas for your car, and use credit cards for shopping.
- Discharge duties in bankruptcy dutifully and truthfully: As earlier stated, your effort will determine the rate at which you get out of bankruptcy. You can quickly get discharged from bankruptcy if you begin repaying the debts and submitting the repayment reports to the trustee and the credit bureaus.
- Begin saving money: If you were making monthly payments to the trustee during bankruptcy, after the discharge from bankruptcy, continue making those payments but now challenge them to the savings account. The savings in a bank will help repair credit after bankruptcy.
- Get services of Credit Repair Company: In the U.S., bankruptcy information will remain the credit history for ten years. However, the credit report may also contain inaccurate information. In such a case where some of the entries on the credit report are not accurate, the credit repair company can help remove the wrong items which contribute to the lower credit score. This is indeed the most important point which one should keep in mind before trying to repair their credit score. These companies can help in repairing your credit. But it is also very important to choose the best company which can help you to a proper extent.
Reliant Credit repair is one such company which can help in rebuilding your credit score. They are one of the best companies in the whole of America when it comes to repairing your credit score. So next time, whenever you are looking to rebuild your credit, contact them for a swift and smooth service.