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  • Repairing Credit After Filing Bankruptcy

    Filing for bankruptcy is no doubt a great way to eliminate all your debt and start a new financial future. But one must remember that bankruptcy filing is the first step towards financial recovery and thus must be careful enough to manage their finances and credit better after being discharged from bankruptcy. Though bankruptcy can stay on borrower’s credit report for 10 years, thankfully there are ways to repair the bad credit to improve the score combined with financial condition.
    Getting minimum one but not more than three secured cards helps to improve your credit score. These are lines of credit card that are approved against a deposit or any collateral. With minimum number of these cards in hand a borrower can easily focus on paying off the balance full and that too on time resulting improvement in credit scores and ratings. It is also important to ensure that as a borrower you have the capability to pay off the entire balance monthly. It is highly recommended to use the card for minimal purchases such as one or two grocery bill or weekly gas purchase.
    Though secured credit cards do contribute in improving the credit rating, it will only happen when you choose such card carefully. Look out for the excess fees charged with your card. The inclination to choose the card that allows you with highest deposit is understandable, but you also have to ensure that you are spending money wisely to work for you, but not for some credit card companies.
    Reviewing your credit report after regular interval is a great way to ensure that you have been discharged from all your debts and there are no debts on your name that you have not accumulated. Drawing attention to any kind of discrepancies formally in written communication is highly recommended because you don’t want to suffer for doubtful debts or other related issues. During any such written communications, always include your full personal details like your name, social security number, year and date of birth as well as other necessary details like account information mentioned in the dispute.
    It is also important to ensure that you are not requesting your credit report for not more than within six months tenure is important as too many credit report requests might also damage your credit score.
    If settled debt remains on your credit, it severely affects the score and thus make an attempt with the creditor to remove such debts from your credit report.


    20 Years of Experience
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    Only represents consumers
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    E. Florida, Suite 400, Denver, CO 80222


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