Ways to Repair your Credit Score Post-Bankruptcy

It is commonly said that after filing bankruptcy, one can never repair their credit score. Yes, bankruptcy does seriously damage your credit score, but you can repair it with patience and proper guidance. You need to understand that the damage of bankruptcy is not irreparable. Indeed, converse with a bank official or a bankruptcy attorney, and you will get to know that repairing your credit score is very feasible. These are some specific ways to repair your credit score post-bankruptcy:

MAINTAIN A PROPER CREDIT REPORT: People often fear that if their bankruptcy is reflected in their account then creditors would not allow them to transact or collaborate. What they don’t understand that every creditor eventually knows about the borrower’s credit report whether reflected or not. One should rather keep checking their credit report every month though it costs a few pennies.
They should inform the creditors about their discharged bankruptcy so that they are not reported further. And in case something happens, they can send a dispute to the credit bureaus.

KEEP CHECK ON OTHER ACCOUNTS: One should make sure that they keep paying for other non-bankruptcy accounts on time so that their credit score remains unaffected. Keeping track of all other accounts which are not on the credit report and paying on time show all the creditors that all your financial mishaps are behind you.

BEWARE OF MEDIATOR COMPANIES: You often see a lot of credit repair companies that might be fraud. Make sure you don’t come under their influence as they would charge a huge amount and make a lot of promises but once you pay them, they might disappear.

GET NEW CREDIT: Getting new credit is the biggest challenge post-bankruptcy but it is actually one of the most crucial ways to rebuild your credit score. You should opt for new credit cards, make small payments with them and pay all the bills on time every month to avoid higher interest. This will help you gain some crucial credit points.

AVOID FREQUENT JOB CHANGES: Job change has no effect on your credit score but the lenders do check this. It has a negative impact on your personality as it is a sign of irresponsibility and misbehavior. Lenders generally fall back on this, especially after a bankruptcy.

Though these are some basic ways to repair your credit score post-bankruptcy, there are more ways of improving your credit score about which we will talk in a later blog. For further clarification and unbiased advice, you may contact the bankruptcy lawyers near you.