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Rebuild your credit after bankruptcy

If you are dealing with an insurmountable amount of debt, you might be considering bankruptcy to give yourself a clean financial slate. But you probably have a lot of questions and worries about bankruptcy, too. After all, it can sound like a scary word. For example, you might be concerned about the effect it will have on your credit score.

Chances are, your credit score is already suffering if you are looking to file for bankruptcy. And while bankruptcy might ding it down a little bit at the start, do not fall for the misconception that filing for bankruptcy will tarnish your credit forever. Here is how you can rebuild your credit after bankruptcy.

Start with a budget

Once your debts get discharged, lenders simply want to see that you have adequate funds to pay any current obligations and have money leftover. Start managing your finances with a budget. After you determine a budget, start developing an emergency fund. Simply having a few hundred dollars in savings can protect you from creating a debt spiral from an unexpected expense. 

Get a credit card

You might be scared you will be immediately blacklisted by credit card issuers and lenders after your debts get discharged, but this is not quite true. According to Bankrate, one of the best ways to restore your credit score is by getting a secured credit card, which is simply a card with a limit backed by a deposit. 

Be responsible

If you get a secured card, or even if you need to be an authorized user on another card, make sure you are responsible with your new credit. Pay your bills on time and keep your balance low. You do not want to end up with an increased credit balance or late payment fees. 

You do not need to be intimidated by the process of restoring your credit after bankruptcy. It might take some work, but it is possible.

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