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Fixing Your Credit Score After Going Bankrupt

Mar 20, 2008
There are really few other situations that would cause as much damage to your credit as claiming bankruptcy, and so if you are unfortunate enough to have to do so at some point in your life, then you are going to want to be aware of the various bankruptcy credit repair tips and tactics that you can use to gain back a positive credit rating.

Tips to Bankruptcy Credit Repair

Once you have claimed bankruptcy, you may feel as though there is nothing that you will ever be able to do to regain your credit, but although it is going to be very difficult, it is definitely not impossible, and that is the most important thing.

Any strike against you on your credit report (including the claiming of bankruptcy) remains on your credit record for a maximum of seven years. After this time, it is dropped from your record entirely. It IS possible, although you will likely have to wait for seven years, to make positive gains on your score after filing bankruptcy.

How to Get Started

The first step towards bankruptcy credit repair is to get a credit report. This is really the only way to get started, because you need to be aware of how you stand at the present time. In most cases you should be able to get your own credit report for free or at least for a very nominal charge.

You will need your credit report to understand not only your rating, but also to check for errors. You'll need to review the report, checking for any errors or negative strikes against you, after which you will work at getting corrected. If you locate an error, you will need to contact the credit bureau directly, offering verification that you do not owe what is listed on the report.

Paying off debt is a critical step towards bankruptcy credit repair, and even if you only owe a few dollars somewhere, if it is showing on your credit report then it is still negatively affecting your credit rating. You should always pay off your highest interest debts first, and remember that the lower the debt you owe the less negative your credit rating is going to be.

There are many other steps you can take towards bankruptcy credit repair. If you have more debt than you can manage repaying, you should consider filing a formal proposal with your creditors, or consider starting a debt management plan.
About the Author
Is bankruptcy looking like your only option? Consider negotiating credit card debt yourself. You could get a lower interest rate, lower payments or both. Get more information on the Debtopedia website at www.Debtopedia.com
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