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Adam_Mhrez   , 33

from West Orange


How To Recover Credit Score After Bankruptcy?

Recovering credit after a bankruptcy is not easy, but it can be achieved. You just have to work hard, be patient and diligent to get back on the right financial path.

Consider the following suggestions to achieve this goal:

- Pay your accounts "old fashioned".
Although many people prefer to pay their bills automatically with their checking accounts, those who have filed for bankruptcy must adopt more traditional methods. When automatic payment is used, regardless of whether direct deductions are made from the checking account, you run the risk of overdrawing, which can harm anyone who is trying to recover your credit. The overdraft is not necessarily the fault of the person, but it is safer to pay with a check or cash when it comes to recovering the credit.

- Saving, a priority
The bankruptcy filing involves having some money on a monthly basis. But instead of using that sum to buy, save it. Opening a savings account at a major bank helps to get approval for an unsecured credit card. This will not happen overnight because the person who issues the card wants to see that the person can control and save properly in a certain period of time. But saving every week is an ideal way to recover a credit history hurt by a bankruptcy filing.


- Pay your bills on time
This is obvious. Potential creditors and lending institutions want everyone, especially those who have filed for bankruptcy, to show they can pay their bills on time. The demonstrated ability to do so amounts to financial responsibility, a necessary factor in recovering a credit history. Make the minimal use of your credit card as the more you use the more you may move in debt.

- When a reasonable time has elapsed, request a loan in installments
When a bankruptcy is filed, it takes time to recover the credit by paying the bills promptly, and not asking for a new card or loan immediately. If you do it too early after a bankruptcy, you will receive a denial that does not do the credit report well. When six to eight months have elapsed from bankruptcy, apply for an installment loan, such as a used car. If they are paid on time, repayment payments benefit the credit history, as they demonstrate ability to control money on a monthly basis, which is exactly what potential lenders want to see in a borrower.

Be diligent with the credit report. Everyone who has filed for bankruptcy must check their credit reports three or four times a year to ensure there are no discrepancies. There should be post-bankruptcy records in the report, and they should be positive for those who have paid promptly after filing for credit score after bankruptcy.