After months of proceedings, your bankruptcy has been discharged. Now what? The process of rebuilding your post-bankruptcy credit score (which is probably around 400 right now) can prove to be one of the most confusing times of your (financial) life.

Check Your Credit Report & Score

The first item on your agenda should be to check your credit report and score. There are three major credit reporting bureaus. Be certain to check all three for discrepancies. Every debt that you declared in your bankruptcy proceeding that was included in the discharge should be noted as such.

Oftentimes, mistakes in noting the credit item as still being in collection can cause your score to be reduced further. When you find an item that does not look right, you need to contact the agency that is holding the file immediately and request them to make the appropriate notation.

Follow the Terms of Your Discharge

If you have are required to repay any of your creditors, do so with fervor. Failing to do so may result in further derogatory comments on your credit file, or may put you into collections again. That would be the last thing that you want to see happen following a successful discharge.

Obtain Two Secured Credit Cards

Shop online for secured credit cards. A secured credit card is a sure-fire way to add points quickly to your post-bankruptcy credit score. You will make a deposit to the bank or credit card issuer in an amount ranging anywhere from as little as $300 up to $2500 or more. You credit line will be equal to your deposit of record; further, it will stand as security for the card issuer in the case that you default. Some secured credit card deposits will accrue interest over time.

Try to find a card that features an interest-bearing deposit. Also, get a card that has a limited fee (some cards charge exorbitant fees or annual fees). Never use more than 1/3 of your available credit line, and run a small balance. By having two secured card accounts, you will add points quickly. Keep a record of purchases to avoid going over your credit limit, which you should exceed under no circumstances.

Take Out a Personal Loan

If you can find a creditworthy cosigner, try to obtain a small personal loan. You may use the money for anything that you like – shopping, travel, education, or you might choose to deposit it into a savings account. Taking out a personal loan shows potential creditors that you have the ability to manage multiple forms of credit.

Prove Yourself

By making payments according to their due date, you make yourself appear responsible and creditworthy in the eyes of potential lenders. They will look at your available credit versus high balance on all of your loans in their determination process for future loans, so do not over extend yourself by borrowing more than you can afford to repay. By following these steps, you will show the financial world that you have conquered your demons and are ready to become the type of borrower that lenders seek out.

Author Bio: Devora Witts is a Bad Credit Loan consultant and has more than thirty years of experience in finances. She has helped a lot of people to obtain Fast Unsecured Loans, home loans, car loans and many other products regardless of their credit situation. Learn more about Personal Loans at http://www.badcreditloanservices.com

Category: Finances
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