It’s simple – regular timely payments. Your bankruptcy might be on your credit report for ten years, BUT that does not mean your score will be poor for that time. After your bankruptcy you should get at least one credit card and use it just for your food and grocery shoipping and pay it off every month timely. Don’t build a balance – only spend what you can pay off that month. Each month you make a regular and timely payment you are BUILDING your score back up.
Do NOT pay anyone who says they can build and repair your credit. YOU can do it yourself by simply making regular and timely payments.
The worst thing you can do is simply decide after your bankruptcy to never take credit. You will be off the radar and have no credit history. Obviously, if your debt was the result of mismanaging credit cards then obviously you must be careful about taking a future credit card. But again, if you simply use it for monthly expenses that you can pay in full at the end of each month, you will use that initial post-bankruptcy credit card to build your credit.
Many people wonder if they will be able to ever buy a car or a house again. Absolutely and probably sooner than if you didn’t file a bankruptcy and simply carried the debt longer, while it grew! It may take up to two years of regular timely payments, but you should be able to qualify for loans assuming your employed and meet the other criteria. Your credit will not be the issue.
