How do you repair your credit after bankruptcy?

[gturnwald]

This is a common question I hear and the answers start with the length and type of your employment, the longer you have worked at the same job the better. However, credit repair steps do not end with employment history.
First, keep in mind why you filed bankruptcy in the first place whether is was loss of job, illness, or divorce. If so, you are a good candidate for moving forward with establishing new credit. If you filed bankruptcy due to compulsive spending, gambling, drugs or alcohol, there is lifestyle or character issues that should be address or you will simply be repeating yourself quickly.

Next step is to apply for a secured credit card this can be done. By depositing money with a lender, your credit limit is usually the amount of the deposit. Note that this is different than a debit card, which has no element of credit lending, or credit history rebuilding record.

Pay any installment loans that you may have on time, especially secured loans like cars or mortgages. Each month you pay on time, it is reported to the credit bureaus.

After you have a secured credit card, get a store card from a gas company or department store. Use revolving credit lightly, but regularly. The mix of credit cards, installment loans, and store cards used and paid regularly on time, is the fast track to restoring your credit rating after bankruptcy, and can be accomplished in as little as two years in conjunction with a good employment history.

[Alex_Adviser]

Hey its really hard to repair your credit after bankruptcy but it can be done. You need to follow some steps
1. Take a secured card and send the deposit to the company and in return they will send you a card with the amount as your credit limits.
2. Then you should apply for store card, if it is not approved, it means your are not ready for unsecured credit after bankruptcy.
3. Then you need variety on your credit report,you also need some positive installment amount.
4. Personnel loan or a car loan would be easiest to qualify for the credit.
5. Try for a credit card and once you have successfully established history with a secured card, store card, and installment account it means you are ready for big leagues.

[maat55]

I suggest you practice good money management skills before you apply for new credit.

Pay your bills on time and save money. It does not hurt to learn to pay cash for consumer purchases. After you have built some savings, learned to manage cash purchases and have put some time behind you, you can get a gas card or small limit card and pay in full.