If you have recently declared bankruptcy it is vitally important that you take steps immediately to repair your credit. Good credit is practically a necessity these days. You need good credit not only to borrow for major purchases such as cars and houses, but also to obtain housing, open up utilities in your name, and even qualify for jobs. Your bankruptcy can be reported on your credit report for up to ten years. However, the most recent two years are the most important part of your credit rating and history, so taking steps now will help to repair your credit for the near future.
First you need to order copies of your credit report from Experian, TransUnion and Equifax. These are the three major credit bureaus. Check to see that all the debts you declared on your bankruptcy are reported as either discharged or renegotiated. Also make sure that any current loans or accounts that you have are being reported accurately. Review your credit report every six months following your bankruptcy to make sure everything is being reported accurately. If you find any errors you should dispute them with the credit bureaus.
To begin repairing your credit after bankruptcy you must pay all of your bills on time. You need to establish new lines of credit to rebuild your credit. There are companies that specialize in providing secured credit cards and loans to people who have declared bankruptcy. Obtaining a secured credit card can be a great way to help repair your credit. You will need to place a deposit with your lender for a secured credit card, but if you make regular purchases with it and pay all of your monthly payments on time you will begin to build up a positive payment history which will help to improve your credit score.
It is quite possible to repair your credit after bankruptcy. You need to take steps to establish new lines of credit and make sure to pay all of your bills on time. Your bankruptcy will be reported for up to ten years on your credit report but lenders look at the most recent two years as the most important when making lending decisions. If you begin to take the steps suggested here it will show lenders that you are serious about rebuilding your credit. You will start to see your credit slowly improve and you will get your financial life back on track.