How to Repair Credit After Bankruptcy

After getting filed for bankruptcy you may feel uncomfortable by emotionally and financially.

As after facing bankruptcy every company and almost every business owner becomes weak by mind and can't even think on how to repair his credit and be able to take a fresh start. Its true that recovering a bankruptcy is really a challenge and not everybody can do it on time.
How to Repair Credit After Bankruptcy

There was many big companies which are not established now and got bankrupt, their owners was not able to recover from that moment and thus that companies have met their end. One thing can easily be done and that is improving your credit and then securing it.

By easy I am not saying that its a task like ABC, its harder but not that hard as you maybe thinking about. So right here on this page I am going to reveal some simple and powerful ways to recover from a bankruptcy and repair your credit score.

1. Credit Cards

I know that its look impossible that we can still use some of the credit cards when we are going to be a bankrupt or facing bankruptcy. But there's a chance that you may still have some credit cards which are giving back the money and in good standing. Even if you don't have such cards then still you can apply for getting a secured credit card which will be issued to you by many big financial organizations.

However, the markup (interest rate) might be higher then the regular credit card debit plans and it can even touch a peak of 20% on credit. You will have to face the big loss if you are not able to really use your credit wisely. You have to use these credit cards very professionally and always tend to get profit from that credit usage and double the money so that you can easily pay that back.

Not every bank or financial organization will give you these credit cards when you are facing bankruptcy but there are some banks and other groups who can trust you and provide you this opportunity.

2. Secure Credit Cards

Here comes why we should apply for secure credit cards and then how we can get them to make our credit score stand at high standards and make us able to re-fly.

There are some banks which will issue you a secure credit card after you filed bankruptcy and I suggest you to do apply for secure credit cards before touching the bankruptcy point. However, the key-thing here is what are secure credit cards?

And the answer is, secure credit cards are healers for your business and they can help you rebuild your credit and then apply for a unsecured credit card without any limits. A secure credit card can be in your pocket when you can pay an upfront fee and then be in limits for spending money with that secure credit card.

You have to purchase some items on monthly basis and then pay your bills on time. You can buy very basic and needy items to make sure that you are in need of a credit card and make your credit score flow better and help yourself in getting a traditional credit card.

3. Follow a Plan

To rebuild your credit you have to create and then follow a plan. Its because you are now in limits with your secure credit card, but still you have to give a flow to your financial activities.

The best way to rebuild your credit score and take it to the levels you need is to use your secure credit cards wisely.

A basic plan for bouncing your credit back to that great level is written below:
  • Have as much secure credit cards as you can
  • Use them for small purchases you can afford to payoff
  • Use them every month one by one
  • Actively pay your credit card bills and pay them on time
By this short and smart plan you can easily raise your credit score and get the level where you can easily be able to apply for a traditional credit card. This will help you to show that you are serious in business and able to fight with bankruptcy.

4. Pay Bills

Its not just about paying bills, the key thing here is to pay your bills on time as mentioned above. This is not a small step.

You can get trust of credit bureaus back then you need to give them the official information which they collect from your bills and also the credit cards. Not just credit card bills, you need to pay your:
  • Rent bills
  • Utility bills
  • Medical bills
And every other bill if you have. These bills will show all the credit bureaus that you are again on steps to create your empire and working hard to payoff all the bills including secure credit card bill so that they will give you a green signal for applying another unsecure credit card.

5. Credit Repair Firms

There are some really great credit repair firms which can help you in bankruptcy time, but there are also some of the bad credit repair scammers and credit repair scam schemes which may put you in more problems than solving issues you already facing.

As I said there are some great credit repair firms available to help you get rid of bankruptcy and be at your own foots again, I also want you to know that they charge a fee for that this work and you have to be very patient and let them work for you.

Finally, there is no other way to fight with bankruptcy and do your business again like your most successful days than working harder and not stopping yourself to work more harder for your business. I recommend you to hire a lawyer and also get advice from a certified financial advisor and don't just rely on these basic tips as they may not work for you. Thanks for the read.