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Tips for rebuilding credit after bankruptcy

Filing for bankruptcy may be just what you need to do to get your finances in order and otherwise regain control over your affairs, but you can also count on your credit score taking a serious hit after you do so. At Kingcade Garcia McMaken, we are well-versed in the methods many people use to start rebuilding credit after bankruptcy, and we have helped many clients navigate this and many other bankruptcy-related matters.

According to NerdWallet, your credit score will likely fall somewhere in the range of the mid-500s following a Chapter 7 bankruptcy filing, and this holds true regardless of how your score looked prior to your filing. While a low credit score can make it difficult to obtain a loan, a credit card and the like, there are some things you can do after filing for bankruptcy to help boost your credit score more quickly.

For example, you may want to consider having someone cosign on a credit card for you after bankruptcy, or you may want to obtain what is known as a secured credit card. When someone cosigns on a credit card for you, they are essentially agreeing to pay the bill if you cannot, so devote some careful consideration to whether you will truly be able to keep up with card payments before choosing this option.

A secured credit card, meanwhile, is another option you could use to boost your credit score. With a secured card, you will typically need to put down money on it yourself which you can then access and use. Generally, you would only want to use a secured credit card temporarily, because there can be high interest rates and annual fees associated with them. You can learn more about bankruptcy on our webpage.

 

 

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