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Improving credit after a bankruptcy

After you file for bankruptcy, you may worry that you'll never have good credit again. Fortunately, this does not have to be true, if you take proactive steps to improve your credit. A bankruptcy will certainly hurt your credit in the short term, but the damage does not have to last forever. With time and careful, consistent work, you can improve your credit score after a bankruptcy.

Over time, the damages to your credit score fade away. However, if you do not take special care to improve your credit and practice responsible spending, you may create new damage and find it difficult to raise your credit.

One good place to start is by making sure that you pay all you bills on time. This improves your credit score without having borrow. If you do find yourself in a financial bind and worry that you may be late on a payment, be sure to communicate with your creditors to let them know that you have a slight setback and make sure you set up a plan to deal with the late payment as soon as possible.

Once you do begin to borrow again, make sure to keep your balances on your various credit cards low. Typically, lenders like to see credit cards with balances around 30 percent of the borrowing limit. However, it is wise to keep only a few cards open and pay off any cards that have low balances. Too many lines of credit can negatively impact credit, too.

If you have any further questions about how to rebuild life after a bankruptcy, you can consult with an experienced attorney who understands the nuances of bankruptcy. With proper guidance, you can make the most of a bankruptcy procedure and truly set yourself free from financial burdens.

Source: Bank Rate, "7 ways to improve your credit score," accessed Aug. 18, 2017

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