5 Tips to Improve Your Credit After Bankruptcy
Many of our clients are curious about what happens to their credit scores after they file for bankruptcy. In many cases, their scores have already decreased pretty drastically, since their financial hardship made it difficult or impossible to make monthly payments.
Most people think that filing for bankruptcy will destroy their credit indefinitely, but it’s actually not that difficult to repair your credit after filing. As long as you keep your goal in mind and stick to your plan, you’ll be able to rebuild your credit.
A bankruptcy can remain on your credit report for up to 10 years, so it’s important to follow these steps to start building your credit after bankruptcy:
1. Start with your credit report
You won’t know where you’re going if you don’t know where you are. Get a copy of your credit report so you fully understand your current score. You can get a free copy of your credit report every year from the big players (Equifax, Experian, and TransUnion) at the annualcreditreport.com website. Make sure you check for any errors. (more…)