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How to Rebuild Credit After A Bankruptcy

March 25, 2022

Whether you’re thinking about filing bankruptcy – or already completed the process – you likely have one big question on your mind: “How am I going to rebuild my credit and get a truly fresh start?” The answer is simple. After your bankruptcy gets discharged, you can take all the following steps to get your credit score heading in the right direction. Ready to get started? Here’s what you need to know.

Become a Cosigner

Do you have a trustworthy person in your life with good credit? Just ask if they’re willing to help you rebuild your credit after bankruptcy. If they’re on board, all they have to do is let you sign up as a cosigner on their credit cards, personal loan of credit, or loans.

Then, as they make their payments on time and in full each month, your credit score will increase alongside their own. Over time, your score will increase enough to allow you to get your own credit card and continue on your path toward good credit.

Get a Credit Builder Loan

While your trusted loved one helps rebuild your credit, you can help pull your own weight by getting a credit builder loan. You can usually find these loans from your local credit union, not a conventional bank. They have a low balance, often ranging from $300 to $1,000 dollars.

You just use the funds on your normal expenses and then pay the loan off quickly to rebuild your credit fast. Just remember not to overextend yourself and get into hot water again. Avoid that by only buying items you already have covered by money in the bank.

Check Your Credit Report Often

As you and your loved one put in the work to rebuild your credit after bankruptcy, you must keep a close eye on your credit report. As you do that, make sure your accounts accurately reflect all your on-time payments. Also, watch for any erroneous entries and dispute them right away to avoid a decrease in your credit score.

You can check on your credit for free through Credit Karma. But don’t forget to pull your full report from Experian, TransUnion, and Equifax on a yearly basis. They allow you to pull your report for free once per year each. So, time it right to check on things once every four months.

Want to Know More? We’re Always Here to Help

Would you like more information about rebuilding your credit after bankruptcy? Or do you simply want to get started in filing bankruptcy and working toward a fresh start? If so, give our team a call at 818-855-5950 to schedule your free consultation. We’re well-versed in what it takes to discharge all your eligible debts, and then rebuild your credit score fast.

 

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