How Long Until My Credit Score is Better After a Bankruptcy?

Bankruptcy happens more often than people care to acknowledge and seems to be happening more and more frequently as financial difficulties seem to be on the rise. One thing that is on the mind of any person that is considering filing for bankruptcy is how long it's going to take to repair their credit to a point that they will be able to fully take advantage of it.

The standard saying is that it takes seven to nine years. However, that's not entire true. The true part of that statement is that it generally takes seven to nine years to get the bankruptcy itself removed from your credit report, but that doesn't mean that your credit score will remain dismal for the entirety of that period of time.

There are plenty of things you can do to get your credit score moving back up after you've filed for bankruptcy and before it is completely removed from credit report. Although it will be a little more difficult to do so with that on your report, it's still possible and highly recommended to get started immediately.

These things you can do are some of the more basic things that you would do as if there weren't a bankruptcy on your credit report. Unfortunately, even by following responsible credit habits there is still no guaranteed amount of time that your credit will start going back up because of the many factors that involve that.

Some of what you can do to get started immediately is to always make sure you are paying your current bills on time. This is the perhaps the single most important thing you can do to start rebuilding your credit score. Even if you haven't missed a single payment in months, one missed payment can set back all of the credit you've regained.

The next thing you can do is if you have other negative things on your credit report is to start knocking them off one by one. Identify the problems, make the repayments as needed as safely as you can without hampering your ability to pay your current bills. Removing these negative items from your credit report will gain you greater strides than putting positive items on it.

One final, very important thing that you can do is to avoid taking on any high risk types of debts. Most notably, payday types of loans and high interest credit cards. The payday type loans, even if paid back immediately will act to show on your credit report that your income and your ability to manage your funds is less than suitable. High interest credit cards, often the only type a person can get when they're credit score is hurting, increase your overall debt load because of the high interest and make it difficult to keep paying all of your bills on time.

To be sure, it is a difficult time to find yourself in the position of filing bankruptcy and there is no set amount of time that ensures your credit score will rise again, however, by following basic credit responsibility you'll be able to improve that score and be on the upside again.

Source by Gunawan Harinanto

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