If you just filed, or are thinking of filing, for bankruptcy, the last thing you should be worrying about is getting more credit. But, I know a lot of people worry about this when filing for bankruptcy so I thought that I would write a quick article on how long it takes to repair credit after bankruptcy.
Most people think that filing for bankruptcy will ruin their credit forever. But, that is not the case. In fact, most people start repairing their credit score very soon after filing bankruptcy.
A bankruptcy stays on your credit report for 7 1/2 years. But, your credit report score will start going up well before the expiration of the 7 1/2 year period if you pay your bills on time.
Your credit score goes up as you develop a history of paying your creditors back their money on time. Therefore, once you start rebuilding you credit history, your score will inevitably go up. But, if you still don't pay your debts on time, then you will never repair your credit.
Keep Your Debt Low
One of the best things you can do after filing for bankruptcy is to keep your debt low. I am amazed by the number of people who get their debts discharged in a bankruptcy proceeding and then start to accumulate debt again. STOP THE MADNESS!!!
Credit Card Offers
Most people who file for bankruptcy start getting credit card offers within about two years of filing for bankruptcy. In order to start rebuilding your credit, you might want to get one credit card and start paying off one small charge made on the call every month. DON"T START USING IT ALL THE TIME.
Make one small purchase, about $30, once a month, and then pay that debt in full every month. This will start the credit rebuilding process. You might want to consider a secured credit card.
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{ 2 comments… read them below or add one }
Develop a plan. Make a budget. Live on LESS than you earn. A little discipline and a little paying attention will get you where you want to be….FREEDOM.
@BibleDebt You are spot on. It is about discipline nothing more nothing less.