{"id":3091,"date":"2021-01-03T13:03:19","date_gmt":"2021-01-03T13:03:19","guid":{"rendered":"https:\/\/hsapclaw.com\/?p=3091"},"modified":"2023-04-28T07:20:21","modified_gmt":"2023-04-28T07:20:21","slug":"9-easy-steps-to-rebuild-your-credit-after-bankruptcy","status":"publish","type":"post","link":"https:\/\/hsapclaw.com\/9-easy-steps-to-rebuild-your-credit-after-bankruptcy\/","title":{"rendered":"9 EASY STEPS TO REBUILD YOUR CREDIT AFTER BANKRUPTCY"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Rebuilding your credit after a bankruptcy is no easy feat. While not impossible, it takes hard work, discipline, and patience to get there. Follow these simple steps carefully to get on the path to good credit.<\/span><\/p>\n<ol>\n<li>\n<h2><span class=\"ez-toc-section\" id=\"Pay_your_Non-Bankruptcy_Accounts_on_Time\"><\/span><b> Pay your Non-Bankruptcy Accounts on Time<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<label for=\"ez-toc-cssicon-toggle-item-66299d069acbd\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-66299d069acbd\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/hsapclaw.com\/9-easy-steps-to-rebuild-your-credit-after-bankruptcy\/#Pay_your_Non-Bankruptcy_Accounts_on_Time\" title=\" Pay your Non-Bankruptcy Accounts on Time\"> Pay your Non-Bankruptcy Accounts on Time<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/hsapclaw.com\/9-easy-steps-to-rebuild-your-credit-after-bankruptcy\/#Review_your_Credit_Report_for_Accuracy\" title=\" Review your Credit Report for Accuracy\"> Review your Credit Report for Accuracy<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/hsapclaw.com\/9-easy-steps-to-rebuild-your-credit-after-bankruptcy\/#Keep_Your_Balances_Low\" title=\" Keep Your Balances Low\"> Keep Your Balances Low<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/hsapclaw.com\/9-easy-steps-to-rebuild-your-credit-after-bankruptcy\/#Get_New_Credit\" title=\" Get New Credit\"> Get New Credit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/hsapclaw.com\/9-easy-steps-to-rebuild-your-credit-after-bankruptcy\/#Get_a_Co-Signer\" title=\" Get a Co-Signer\"> Get a Co-Signer<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/hsapclaw.com\/9-easy-steps-to-rebuild-your-credit-after-bankruptcy\/#Become_an_authorized_user\" title=\" Become an authorized user\"> Become an authorized user<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/hsapclaw.com\/9-easy-steps-to-rebuild-your-credit-after-bankruptcy\/#Take_Care_when_Applying_for_Credit\" title=\" Take Care when Applying for Credit\"> Take Care when Applying for Credit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/hsapclaw.com\/9-easy-steps-to-rebuild-your-credit-after-bankruptcy\/#Keep_Up_Payments_with_New_Credit_Cards\" title=\" Keep Up Payments with New Credit Cards\"> Keep Up Payments with New Credit Cards<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/hsapclaw.com\/9-easy-steps-to-rebuild-your-credit-after-bankruptcy\/#Have_Your_Payments_be_Reported_to_the_Credit_Bureaus\" title=\" Have Your Payments be Reported to the Credit Bureaus\"> Have Your Payments be Reported to the Credit Bureaus<\/a><\/li><\/ul><\/nav><\/div>\n\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Not all accounts are included in your bankruptcy. Some debts like student loans or alimony are non-dischargeable. These active accounts continuously impact your score. Repair your credit by paying them all in time. This lowers your debt-to-income ratio, improving your credit.<\/span><\/p>\n<ol start=\"2\">\n<li>\n<h2><span class=\"ez-toc-section\" id=\"Review_your_Credit_Report_for_Accuracy\"><\/span><b> Review your Credit Report for Accuracy<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Bankruptcy harms your credit report, but that\u2019s much better than showing outstanding and delinquent balances. Make sure that debts that have been discharged show a $0 balance on their respective accounts. Errors make your report look worse than it is.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Dispute any errors as soon as you spot them. It\u2019s not uncommon to find inaccuracies and unfair credit reporting. Note that your old bankruptcy should not appear on your credit report for ten years (Chapter 7 bankruptcy) or seven years (Chapter 13).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For years after your bankruptcy, check your credit reports regularly. Get help from a credit repair service to spot errors early, then file disputes.<\/span><\/p>\n<ol start=\"3\">\n<li>\n<h2><span class=\"ez-toc-section\" id=\"Keep_Your_Balances_Low\"><\/span><b> Keep Your Balances Low<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">When your balance is low on your credit card, it means that you\u2019re using a smaller percentage of your overall available credit. Experts recommend ensuring that your total balance is less than 30% of your credit limit. Your credit utilization can be used by creditors as an indicator that you\u2019ll pay what you borrow<\/span><\/p>\n<ol start=\"4\">\n<li>\n<h2><span class=\"ez-toc-section\" id=\"Get_New_Credit\"><\/span><b> Get New Credit<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">\u00a0<img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-3093 alignright\" src=\"https:\/\/hsapclaw.com\/wp-content\/uploads\/2021\/01\/REBUILD-YOUR-CREDITS.jpg\" alt=\"REBUILD YOUR CREDIT\" width=\"338\" height=\"338\" srcset=\"https:\/\/hsapclaw.com\/wp-content\/uploads\/2021\/01\/REBUILD-YOUR-CREDITS-66x66.jpg 66w, https:\/\/hsapclaw.com\/wp-content\/uploads\/2021\/01\/REBUILD-YOUR-CREDITS-150x150.jpg 150w, https:\/\/hsapclaw.com\/wp-content\/uploads\/2021\/01\/REBUILD-YOUR-CREDITS-200x200.jpg 200w, https:\/\/hsapclaw.com\/wp-content\/uploads\/2021\/01\/REBUILD-YOUR-CREDITS-300x300.jpg 300w, https:\/\/hsapclaw.com\/wp-content\/uploads\/2021\/01\/REBUILD-YOUR-CREDITS.jpg 338w\" sizes=\"(max-width: 338px) 100vw, 338px\" \/>While it\u2019s difficult to get new credit post-bankruptcy, getting one is an indication that you\u2019re responsible. A history of on-time payments should improve your credit score in the right direction.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are some ways you can apply for new credit:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Retail and gas card<\/span><span style=\"font-weight: 400;\">s: These typically have lower qualification standards than other unsecured cards. While most require a fair credit to qualify, some get these cards even with poor credit. Still, be aware of what these standards are because each application will result in a hard credit pull. You might not get the effect you\u2019re going for if your application gets rejected. Make small purchases and be sure to pay the balance off.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Secured credit cards<\/span><span style=\"font-weight: 400;\">: A secured credit card requires a cash security deposit, making them easier to acquire than unsecured ones. Start rebuilding your credit by making payments on time. Credit card issuers will often convert you to an unsecured credit card or increase your credit limit after a period of regular timely payments.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Credit builder loan<\/span><span style=\"font-weight: 400;\">: As the name suggests, this loan helps you improve your credit. Here you have to fully pay off the lender before they release the money.<\/span><\/p>\n<ol start=\"5\">\n<li>\n<h2><span class=\"ez-toc-section\" id=\"Get_a_Co-Signer\"><\/span><b> Get a Co-Signer<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Having a friend or relative co-sign helps your chances of approval for credit under your name even post-bankruptcy. Auto loans, mortgages, and even rental agreements often take cosigners. Paying successfully boosts your credit score and creditworthiness.<\/span><\/p>\n<ol start=\"6\">\n<li>\n<h2><span class=\"ez-toc-section\" id=\"Become_an_authorized_user\"><\/span><b> Become an authorized user<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">If you can\u2019t get a credit card, try to get someone to add you as an authorized user on theirs. You benefit from just being on the account. Payments will show up on your credit so long as the credit card issuer reports them to the credit bureaus.<\/span><\/p>\n<ol start=\"7\">\n<li>\n<h2><span class=\"ez-toc-section\" id=\"Take_Care_when_Applying_for_Credit\"><\/span><b> Take Care when Applying for Credit<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Part of your credit score is based on how many new credit applications you make. Multiple inquiries in a short period can hurt your credit score because it can be indicative of risky behavior especially if you\u2019re getting rejected.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Check the requirements first if it fits your current credit profile. Keep an eye on your credit and be aware of the issuer\u2019s underwriting standards, so you apply for credit more wisely.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you keep on getting denied new credit cards, improve your credit history in other ways first. This increases the chances of your application getting approved. As mentioned earlier, you can try getting a secured card or becoming an authorized user.<\/span><\/p>\n<ol start=\"8\">\n<li>\n<h2><span class=\"ez-toc-section\" id=\"Keep_Up_Payments_with_New_Credit_Cards\"><\/span><b> Keep Up Payments with New Credit Cards<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">If you\u2019ve managed to obtain a new credit card be sure to keep up to date on your payments. Payment history is a crucial factor in determining your credit score.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are some ways you can ensure timely payments:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Set reminders for payments<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Enroll in autopay when possible<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Pay off your card multiple times every month<\/span><\/li>\n<\/ul>\n<ol start=\"9\">\n<li>\n<h2><span class=\"ez-toc-section\" id=\"Have_Your_Payments_be_Reported_to_the_Credit_Bureaus\"><\/span><b> Have Your Payments be Reported to the Credit Bureaus<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">Creditors and lenders have no obligation to report your activity to the bureaus. Ensure that they report to the three major credit bureaus <\/span><span style=\"font-weight: 400;\">\u2014 <\/span><span style=\"font-weight: 400;\">Equifax, TransUnion, and Experian <\/span><span style=\"font-weight: 400;\">\u2014 to capture positive activity <\/span><span style=\"font-weight: 400;\">and raise your credit score.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you have any concerns about how your bankruptcy case can affect your credit score, or if you have any questions about bankruptcy application, our lawyers at <a href=\"https:\/\/hsapclaw.com\/\"><strong>Hammerschmidt Stickradt &amp; Associates<\/strong><\/a>\u00a0can help you examine all options available.\u00a0 Call us now for a free initial consultation.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rebuilding your credit after a bankruptcy is no easy feat. While not impossible, it takes hard work, discipline, and patience to get there. Follow these [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":3092,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/posts\/3091"}],"collection":[{"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/comments?post=3091"}],"version-history":[{"count":3,"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/posts\/3091\/revisions"}],"predecessor-version":[{"id":4209,"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/posts\/3091\/revisions\/4209"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/media\/3092"}],"wp:attachment":[{"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/media?parent=3091"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/categories?post=3091"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hsapclaw.com\/wp-json\/wp\/v2\/tags?post=3091"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}