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How do you raise your credit score after filing for bankruptcy?

Have you decided you are tired of being smothered by your debt? Bankruptcy is a valuable option for dealing with medical bills, divorce fees, overwhelming credit card debt or costs incurred because of job loss. However, many people like you fear what bankruptcy will do to their credit. Rebuilding your credit after bankruptcy may be easier than you think if you are proactive.

Cautiously apply for credit

You may have a few weeks off from getting offers in the mail, but you are likely going to be surprised at how quickly credit card companies start sending you offers for new accounts. If you did not keep an account open when you discharged your debt, it may be beneficial to open a small secured card that requires a security deposit before you buy to build your credit. 

Pay all bills on time

One of the best ways to build your credit is to pay your bills on time each month. Almost 35 percent of your credit score is made up of your payment history. If you constantly forget to pay bills on time, try setting up a calendar or reminder that certain bills are due.

Keep accounts open

Once you have discharged your debt, you may want to run as fast as you can from credit companies, but this can do more to harm than to help. If you close your accounts, then you decrease your available credit, which in turn can lead to lower credit scores. If you do not have the self-control to stop spending on the account, keep it open but cut up the actual card.

Is bankruptcy a good option for you?

While discharging your debt will affect your credit score in some way, the effects may not be as devastating or as far-reaching as you think. To learn more about your options, speak to a bankruptcy law attorney.

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