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Rebuilding a credit score after a fresh start from bankruptcy

When some people decide to file for bankruptcy, they worry about how that choice will affect their credit score. While it is true that all bankruptcies will affect your credit score, it is important to know that even though it will be difficult to rebuild your credit score, it is possible. Our Pennsylvania readers might feel more comfortable filing for bankruptcy when it is necessary if they know about rebuilding their credit score.

The first thing you should do after you file for a bankruptcy is to get a copy of your credit score. This can help you to know if everything is correct on the report. If not, you can dispute incorrect items, which can bump your credit score slightly if it the error is removed.

Obviously, you have to pay your bills on time if you want to raise your credit score. If you had student loans or other debts left after the bankruptcy. This can help to show a positive payment history on your credit report.

You can try to get a secured credit card to boost your credit score. This is a good option, but you have to make sure you maintain a low balance that you can pay off each month. You also have to make sure that the payment history will be reported to the credit bureaus, as not all secured cards report.

Getting a new bank account is another way you might be able to boost your credit score. The account itself won't do that, but it gives you the opportunity to start a relationship with a new bank. From there, you might be able get a starter loan to establish a payment history with the bank.

As your credit score goes up, you can look into getting a gas credit card or department store card. This can also help you to reestablish your credit score after a bankruptcy.

Nobody should file bankruptcy without understanding all aspects of how the bankruptcy will affect him or her. Learning all about bankruptcy from a trusted source is vital.

Source: Huffington Post, "How to Rebuild Your Credit After Bankruptcy -- Fast" Curtis Arnold, Oct. 15, 2014

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