How to improve your credit after bankruptcy. After being discharged from bankruptcy it is very important to re-establish your credit ASAP. Many of my clients believe that they will not be able to get credit after bankruptcy, but this is not the case. You may be surprised by the amount of solicitation you receive.
Here are seven things you can do to re-establish your credit:
- Get a credit card and use it to establish or re-build your credit score. If you have to get an unsecured credit card you will have to put money on the credit card up front.
- Use your credit card to pay for things that you would normally pay for cash (groceries, gas etc.).
- Pay your credit statements on time or early.
- Keep the balance on credit card low. Do not exceed 30% of your credit limit.
- Use your non-dischargeable debts such as a student loan to re-build your credit score. It is important to your monthly student loan on time.
- Check your credit score on a regular basis. Make sure that everything being reported is accurate.
- Be patient.