Getting Credit After You File for Bankruptcy
Many people wonder whether they can get credit after they file bankruptcy. The answer to that question is yes you can. However it really helps to have a plan. Remember, credit is frequently what got you into filing bankruptcy in the first place. Credit should be treated with the same care as fire. Under control it’s a great tool, out of control, it is an instrument of destruction.
Once you file for bankruptcy, your existing debts will be discharged. So shortly after bankruptcy, order a credit report to be sure that the reporting agencies are showing that your old debts are zero discharged in bankruptcy. Yes, the Bankruptcy will be on your credit report for up to 10 years. But each passing year will lead to better and better credit scores for you. After you file bankruptcy your credit scores will be the lowest you will encounter unless you follow these tips. Always pay your bills on time, utilities, cell phones, and everything. If you have an installment loan on a car which you reaffirmed during the bankruptcy, pay that bill on time, every time. If you have problems paying your bills, use automatic debit from your checking account to be sure that your bills are paid on time. Get one small credit card, maybe gasoline card or a small secured card and use it sparingly and don’t carry it in your pocket. Put it away when you’re not using it for planned purchases. And then pay that bill on time, every month without missing.
