Filing for bankruptcy does not mean that you have to completely give up on your credit score. While this is definitely a stressful time in you life, it is not the end of the world. You can overcome this crisis if you begin immediately taking the steps to rebuild your credit. This may seem overwhelming, but here you have 4 steps that will get you on your way to a normal life and credit score.
Do Not Let Bankruptcy Define You
Banks and lending companies will try to make you feel completely inferior to them simply because you have a bankruptcy mark. This is not how you should feel, you had a bump in the road, not how you live your life on a normal basis. First thing your need to do is find a credit union or a bank that will allow you to open an account. While it does not seem that important, you will find that banks trust you more when they see you are getting reestablished.
Gas cards and retail shops offer credit cards that are usally a little easier to establish. These lines of credit will help you to have positive marks that will begin to overshadow the negative bankruptcy mark that is on there. The more positive you get the better. For tips on how to use your credit cards responsibly check this article out.
Secure a line of credit with a secured credit card. These usually require you to put money on them before you can spend the money. Basically what you do is put your money on a card rather than spend cash. You are still spending your money. It is not a loan and it is not a risk, but you will reap the rewards.
Get a loan. Okay i know this sounds scary, but it is a great way to build your credit. It may mean tightening the purse strings, but you will be glad you did in the end. Take out the loan, put it in your account and then use it to pay back the loan. No one said bankruptcy was going to be easy but this will help.
Bankruptcy is not life ending even if it is life changing.
So there you have it. Follow this advice and make these four steps work for you. Rebuild your credit and recover from your bankruptcy. 1. Get a new account. 2. Apply for a credit card for gas. 3. Invest into a secured credit card. 4. Take out a loan. In no time you will see that your credit score is rising and that brankruptcy is a thing of the past.