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How to improve your credit score after bankruptcy

Although filing for bankruptcy is scary, there is a light at the end of the tunnel. One thing you can be certain of is that your credit rating will take a hit. However, it will also go down if you remain in debt, so you are better off finding relief through bankruptcy

Bankruptcy will remain on your credit report for up to 10 years, but there are ways you can start rebuilding your score as soon as you discharge all of your previous unsecured debt. There are various ways to rebuild your credit, and as long as you go about the process wisely, you can recover in a timely fashion following your venture into bankruptcy. 

Avoid credit repair services

There are many companies that promise to rebuild your score for you, and you typically want to avoid these services at all costs. Many of them come with outrageous fees that do more harm than good. Unless you work with an experienced bankruptcy attorney, you can build up your score independently. 

Reestablish another credit line

You need to remain extremely cautious when opening up another credit card after a bankruptcy. You do not want to fall in the same traps as last time. That is why it can be good to open a secured credit card. This is a card where you provide the company with a set amount of money as collateral. Your card limit is equal to the collateral. Make sure you understand all fees associated with these cards before getting one. It is also relatively safe to acquire a store credit card. 

Pay all bills on time

You can do a lot of good for your credit score by simply paying the bills on time. Set reminders on when to pay each utility bill so that you do not forget. Your bill payment history makes up around 35 percent of your score, so making timely payments is certainly worth it.

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