“Rebuilding Your Credit After Bankruptcy in 6 Steps” is a series of posts that will appear over the course of the next couple of weeks. Following these 6 steps will help you lay the foundation to achieve better credit. Here are the six steps:
Step #1: Review Your Credit Reports
Step #2: Get a Secured Credit Card
Step #3: Get an Unsecured Credit Card
Step #4: Pay Your Monthly Bills, On Time and Every Month
Step #5: When Appropriate, Get and Pay a Mortgage Payment or Car Loan
Step #6: After Seven (7) Years Ask the Credit Bureaus to Remove the Bankruptcy Off of Your Credit Report
Congratulations, if you made it this far you have likely rebuilt your credit to a point that you and your family can be proud of. You have the ability to get credit and financing for different types of property. Being smart, though, you know that just because you can get it doesn’t mean you need it. Keep making your payments and living within your means by following your budget and you will be on your way to financial bliss.
As I’m sure you know, bankruptcy can remain on your credit for 7-10 years from the date of filing. We always tell our clients, if it has been 7 years since you’ve filed your bankruptcy, send something in writing to the credit reporting bureaus and ask them to remove the bankruptcy. They aren’t required to do this but you see that they usually will. Again, congrats on your fresh financial start!