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Use These Tips To Build Up Your Credit After Bankruptcy

On Behalf of | Jul 4, 2018 | Life After Bankruptcy

After a bankruptcy, you may think you have little left that you can do in your life. You may think you’ll be without the ability to take out a new mortgage, to get credit or to move on with your life for several years.

The reality is that you can begin to build your credit back up immediately by things such as getting a phone plan that automatically takes money for payments from your account each month. This helps you show that you’re making payments on time, and when the company reports that, you’ll improve your credit.

After bankruptcy, there are many things like the above that you can do to help recover your lost credit. Here are a few possibilities:

  • Set your utilities on a recurring payment schedule to automatically withdraw on time each month.
  • If you plan to purchase a vehicle, get a co-signer if you can. Then, set up automatic monthly payments or make sure you make your payments on time in person. You can requires that the company report each payment to the credit bureau.
  • Open secured credit cards. These cards often require you to put down a deposit. For instance, you may have to put down a $200 deposit for a $200 card. However, once you show that you’re capable of paying back debt, the company will likely increase the credit line, which helps your credit score.

These are a few ways to help boost your credit score after bankruptcy. It is possible to begin doing these things soon after bankruptcy, you can recover from a bankruptcy faster. Our site has more information.