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How to Rebuild Your Credit after Bankruptcy

Bankruptcy is a very big issue that thousands of people face. While dealing with bankruptcy is difficult, rebuilding your credit after bankruptcy is equally difficult.

When a person is through bankruptcy, they will notice that there will be many offers from companies that want to help fix their credit. The road to rebuilding your credit after bankruptcy is a long one but one that can be overcome with dedication.

Before an individual can rebuild their credit, they need to realize that when they file for bankruptcy, the information stays on their credit report for a period of 6 years following the discharge date. On the other hand, if an individual is filing for bankruptcy a second time, the information stays on their credit report for 14 years following the discharge date.

There are a few things that a person can do to rebuild their credit after bankruptcy. These methods are mentioned below:

Open a New Bank Account

A great place to start is to open up a new savings bank account that is not linked to your previous bankruptcy. Before opening the account, a person can talk to the bank manager who would be able to guide them on how best to go about rebuilding their credit.


In order to avoid future bankruptcies, whenever an individual has extra cash in their hand, instead of spending it, it is advice to put it away in perhaps their new bank account. In addition, a person should try to keep at least 5% of their paycheck as savings for a rainy day.

Take a Small Loan

In order to start afresh and rebuild your credit, a small personal loan should be taken out. The purpose of taking out this loan will ensure that a new credit reporting for you is created. Keep in mind that in order to ensure that the credit rating improves, make the loan payments on time otherwise you will end up damaging your credit score further.

Take Out a Secured Credit Card

Having a secured credit card is a good idea. The difference between a credit card and a secured credit card is that a secured credit card is backed by the money that an individual already has in their savings account.

Essentially, the individual’s credit limit will be the amount in their savings account and as security; the bank holds the money in the individuals saving account. Whenever payments are made, ensure that they are made on time so that your credit rating improves.

Building your credit after bankruptcy is a long process but is not impossible. With the proper guidance and determination, a person can rebuild their credit score.

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