How To Fix My Bad Credit After Bankruptcy?

Once you are hit by credit bankruptcy scores, it is not only your finances that suffer but your credit scores gets impacted as well. Bankruptcy does some serious damage to your score; however, you need to rise above the myth that recovery from a bankruptcy ruins your credit rating forever. There are rational ways to improve your financial scores and get back on the proper financial track. But before you start reconstructing your scores you should evaluate your present conditions, you current credit score and why fixing this bad credit is essential for your future.  
Before you file for bankruptcy it is essential to understand the pros and cons that lies behind. Bankruptcy will appear on your credit report and there are feeble chances of improvement in your credit rating unless you start reconstructing it.

You can try the following steps that will help raise your scores and fix your bad credit post bankruptcy:
1. Evaluate your Credit Report: First you need to construct a clear roadmap on the basis of your current credit condition to realize your destination. Obtain a copy of your credit report to study it thoroughly and make sure that it is error free. You need to be clear on how it broke down and what you need to do to build it.

2. Ensure timely payment of bills: Payment history forms 35% portion of your credit score. Hence you need to pay your bills on time to improve your credit score that will fix your bad credit.

3. Be careful while applying for the next credit: It is a wise option to open a major credit card account post your recovery if you haven’t prior to your bankruptcy. It enables you to start off with a secured card with a certain security deposit to the issuer. After you get your card, it is fine to pay the full bill every month. It is not a mandate to carry balances to construct good credit.

4. Be well informed before hiring credit repair services: Investigate the professional credit repair services before hiring one without falling for their promises as they claim exorbitant fees. You can reconstruct your own financial future free of cost as compared to the services charged by them.

5. Summate a loan: Couple of years post bankruptcy; it is advisable to get a loan or a line of credit. You will receive a higher interest rate while you start off so search for the best rates. Once you have improved your credit scores considerably, your interest rate further on the loan is likely to get lowered.

6. Know your credit limits: It is imperative that you keep your balances well within the credit limit, therefore, know your credit limits well and monitor it from time to time.
Patience is the essential key to fix your bad credit. You were not bankrupted overnight and so recovery will also take some time. So be patient and abide by the mentioned guidelines that will definitely improve your financial plight overtime.

View ALL Store Credit Cards