How do you repair a low credit rating after declaring bankruptcy?

Be sure to pay all of your bills on time. After you declare bankruptcy, you have to pay all of your household bills, such as telephone, gas and electric, etc. on time. It is not very hard to get your credit ratings back to normal, because you do not owe any bills now. I knew of someone who declared bankruptcy in 1995, and in 1996 bought a new car, without any problem. If you make all your payments on time, it will not take very long. It is a smart thing to do, if you can make your payments, one month ahead of time, so if you ever get sick, or lose your job, you will still have an extra 30 days to make a payment, and still not be late. Good Luck..

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The first step towards rebuilding credit is to make sure you are prompt in making payments to loans and credit cards. This applies to you if you are able to reaffirm a loan against your car or home. However, if you are unable to secure this type of loan, you should look around for a lender who is willing to take a risk with you despite your low credit score. If you don't find one, you might consider taking on a secured credit card. In order to re-establish your credit score you need to start building a history of good credit standing.

It might take 2 to 3 years to repair your credit score but by being meticulous in your payments and making sure you do them on time, you will not only have a good credit score in the 700s, you will also learn though practice how to manage your finances better.

Here are the fastest ways to jump start your credit score:

Damage control

All accounts included in the bankruptcy are listed as such. If the account is still perceived as delinquent, your credit score will suffer. Make sure everything is well documented otherwise credit score recovery will not start.

Get new credit cards
It is very important to start re-establishing your credit standing by securing a credit card. If you can't get a regular one, get a secured one. Credit cards are the most manageable type of loan you can wet your feet with. Just make sure you pay on time.

Piggyback
Try to get a family member or a friend to help you co-sign a loan or credit card. Your credit score will improve if you pay your bills promptly.

Bigger loans
A few months after bankruptcy you can start looking around for car or housing loan. The bigger your loan, the bigger your responsibility, and the higher your credit score.

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Repairing your credit after a bankruptcy can be hard, but it can be done. Your focus should be on gaining positive accounts on your credit report that will "age" as your bankruptcy does.

1. Get a secured card. With this kind of card, you will send the company a deposit and they will send you a card with your deposit amount as the credit limit. The card will work like any other credit card and you will receive your deposit back (assuming you don't default) when you have build enough history with the company.

2. Apply for a store card. These can be easier to get than regular credit cards, so it is your best bet after having a secured card or two for about a year. If you cannot get approved for a store card, then you are probably not ready to apply for an unsecured credit card after your bankruptcy.

3. See about qualifying for a car loan or small personal loan to repair your credit. With the way FICO scoring is set up, you need variety on your credit report. Besides positive revolving accounts, you also need some positive installment accounts. A car loan or small personal loan will be easiest to qualify for.

4. Try for a credit card. Once you have successfully established history with a secured card, store card, and installment account, you are ready for the big leagues. This is the best time to apply for an unsecured Visa, Mastercard, Discover or American Express credit card. If you are denied, let your accounts age for another six months and try again. Before you know it, your bankruptcy will be a distant memory.

Check out www.123applyforcredit.net. You can apply for American Express and virtually all other credit and gas cards online.

Be good. Work slowly and check out the info at http://www.CreditRepaired4Life.com. It has do-it-yourself information on how to clean up bad credit, rebuild credit, and improve credit. Learn proven techniques that will repair your credit. This information will repair the worst of credit reports. Also, try a secured credit card- go to http://creditrecoveryhelp.com/ -upper right corner to apply. Lots of other info to repair your credit is there too!
Joe

Get married, change your name, cosign loans, buy a house, buy a car, get a sears credit card, have a good job, always pay your bills on time.