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Rebuilding Credit after Bankruptcy

There are several ways to rebuild credit after bankruptcy. You should start the rebuilding as soon as the bankruptcy is over.

First off, you should receive official notice from the bankruptcy court. You may need to show this notice to future creditors before they will offer you new lines of credit.

Getting a secured credit card with a local bank or credit union will help build positive credit, if you take the right steps. A secured credit card means you give the lending institution some money upfront and you receive a good credit card for that amount of money. It's risk-free for the lender and allows you the opportunity to make payments on time.

If you make those payments on time, in full, make sure the bank or credit union reports this good credit conduct to the three major credit bureaus.

One thing to watch for when applying for a secured credit card is upfront and/or hidden fees. Some of these fees can be expensive.

If you go for an unsecured credit card, choose wisely. Some banks or lending institutions want to see a year or two of good credit payment history. This is not necessarily a bad thing. Beware of the quick fix. Some credit card companies will send you offers right after you file for bankruptcy. Once again, be careful of any big upfront fees that may be associated with these offers. If you get a credit card, make sure the payment schedule is followed and you pay off as much of the full balance as possible.

This goes for more than just credit cards. Try to pay all your bills on time and in full. Your payment history is a big factor in your credit score.

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