Rebuilding Credit Score : Post-Bankruptcy: Tips and Strategies

By - Rajendra Image Credit - Unsplash

[{"selector":"#anim-bafabd63-8fcd-482c-b6ef-2a59e811f7cb","keyframes":{"opacity":[0,1]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8eafd30b-92c2-433c-accf-11658388c948","keyframes":{"transform":["translate3d(0px, -93.59121%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-39209b24-a6f0-41b6-bbff-a50d53a110f7","keyframes":{"opacity":[0,1]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b95de761-6996-4d2c-906d-f32586c77c92","keyframes":{"transform":["translate3d(-66.78446%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-78353121-3e21-44d7-a34d-73c3ce33774f","keyframes":{"opacity":[0,1]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d3c4253a-8572-4dd7-b17d-1ce2afbb9697","keyframes":{"transform":["translate3d(72.93578%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":4000,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Lined Circle Rebuilding credit post-bankruptcy or financial setback may be challenging, but it is achievable with determination & right approach

Financial Setback is negative impact on your credit score, but it is not a permanent one. Image Credit - Unsplash

Get copy of your Credit Report:

Ensure the accuracy of your credit report by thoroughly reviewing it for any errors or inaccuracies Image Credit - Unsplash Dispute any errors you find with the credit bureau

Get Secured Credit Card:

A secured credit card requires a deposit, but it can be a great way to start rebuilding your credit Image Credit - Unsplash Use card responsibly & pay bills on time.

Consider a Credit Builder Loan:

type of loan that is designed to help people rebuild their credit Image Credit - Unsplash It typically has a small amount and is backed by a savings account

Keep your credit balances low:

High credit card balances can have a negative impact on your credit score Image Credit - Unsplash Try to keep your balances below 30% of credit limit.

Be consistent:

Consistently paying your bills on time is important factors in rebuilding credit. Image Credit - Unsplash Late payments negative impact on credit score.

Be patient

Improving your credit score takes time Image Credit - Unsplash Rebuilding credit takes time, so be patient.

Rebuilding credit is achievable post-financial setback or bankruptcy, but it requires patience, effort and consistency Image Credit - Unsplash

With patience, discipline and consistency in your financial behavior, you will be able to improve your credit score and regain financial stability

Image Credit - Unsplash

Good Credit, Better Future: Guide to Improving Your Credit Score

Read al 17 Improvement Ideas Learn more