If you are just coming out of a bankruptcy, credit may be the last thing you want to think about. After all, it has just caused you considerable heartache and you may be gun-shy to jump back into the credit game.
The reality is that there is no better time to begin reestablishing your credit than just after your bankruptcy has been discharged. Reestablishing your credit is going to take some time – it will be a couple of years before you can buy a home, and even then, you will be looking at higher rates.
Here are 6 easy things to do for credit repair after bankruptcy:
1. Get a copy of your credit report! Most likely, there will be accounts that were included in your bankruptcy that are still reporting as open and past due. You need to dispute these accounts will all three credit bureaus. Make sure you provide bankruptcy information (case number, date discharged, attorney name if you had one) so that the accounts will be properly updated on the first round of disputes.
2. Reestablish a bank account. Credit Unions and smaller local banks tend to be far more forgiving than large major banks.
3. Get a CD loan with your bank once you have established a relationship and have some cash saved. Yes, you will be paying interest on your own money, but this is far cheaper than living without credit in the long run.
4. Get a secured credit card. Look for one that doesn’t have ridiculous fees. (If you are getting a $300 credit line, but the fees are going to be $250, this isn’t a good deal)
5. Piggyback! If you have a parent or spouse with good credit, get them to add you as an authorized user on their account. They don’t even have to give you a card! Just make sure the account is in good standing and has a low balance. Another important thing to note is that under FICO 08, the new credit scoring model, only a parent or spouse can do this for you!
6. Get a credit card somewhere that has lower standards than many places – think jewelry stores, department stores or radio shack.
Credit repair after bankruptcy isn’t easy, and it will take time. The important thing is to start quickly and be consistent
By the way, if you would like to learn more about credit repair after bankruptcy, get my FREE CD 7 Insider Secrets I Used to Take My Score from a 487 to a 787!
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