How to Painlessly Rebuild Your Credit After Bankruptcy Video
Hi there, this is Jonathan Ginsberg and I want to talk to you about rebuilding your credit after bankruptcy.
One of the first questions I get from prospective clients when they are thinking about filing bankruptcy has to do with what comes after bankruptcy. How can I rebuild my credit.
Here is my take on this important concern.
First, the passage of time will automatically cause a positive bump to your credit. In most cases we are looking at 6 months to a year for your credit to reach or exceed your pre-bankruptcy credit score. The reason for this is simple. The day before you file, you may have thousands or tens of thousands of dollars of debt. The day after your bankruptcy discharge most or all of that debt will be gone. Plus the bankruptcy law does not allow you to file another bankruptcy for up to 8 years.
If you were loaning money, who would be a better risk - someone with thousands of dollars of debt who can file BK tomorrow or someone with no debt who can’t file for 8 years.
So if you do nothing at all you will most likely see a positive bounce to your credit within a year after discharge.
Second, you can speed up the process by obtaining and using credit responsibly. This may be in the form of a secured credit card that becomes unsecured, or a credit union loan, or even getting a friend or relative to co-sign on a credit card or other purchase.
And, of course, more and more credit card companies are offering fresh credit to recently discharged debtors because they are debt free.
If you choose to use credit post bankruptcy, by all means go out of your way to make payments on time and to avoid tapping into more than 15% of your credit line. One tip I always suggest: use the reminder and alert functions that come with online access. I have my accounts set up for automatic checking account draft for the minimum payment and an email and text alert the week before my payment is due.
Third, pull a credit report - you can get all 3 reports free at annualcreditreport.com. Make sure that discharged debts do not remain your reports.
Finally, think about the questions on a credit application. They ask about your employment and how long you have lived in your current residence. Job and residence stability will help you rebuild credit so if possible avoid moving or changing jobs while you try to rebuild your credit.
The bottom line is this: time - 6 months to a year - will heal most of the wounds caused by bankruptcy. When you do re-enter the world of credit, do so carefully and cautiously.
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