Jeffrey M. Rosenblum, P.C.
A Fresh Start

Tips to rebuild your credit after bankruptcy

Worried that your credit score will drop after you file for bankruptcy? That is one of people's most common concerns, but do not worry that it has to last forever. There are plenty of things you can do to rebuild your credit. That's why people refer to bankruptcy as a fresh start.

A few steps you may want to consider include:

  • Getting both a savings account and a checking account at a credit union or a bank.
  • Applying for a secured credit card, which requires a deposit. It may be helpful to just think of it as if it were a debit card. However, secured credit cards do get reported, so using it and paying it off on time increases your credit score.
  • Consider cards that you can use for everyday purchases. For instance, you may be able to get a special card for the gas station. You need to buy gas either way, so you might as well buy it on the card and then pay it off as you build up your credit.
  • Never miss payments on any of your typical bills. This means paying for things like gas and electricity on time. Pay the rent or the mortgage on time, as well.
  • Check your own credit reports to see if anything on them is actually incorrect. If so, you may be able to start a dispute and remove these items, thereby reducing the negative impact to your score.

If you are considering bankruptcy, it is important to look at the big picture and think through all of the legal steps you'll need to take.

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