After Bankruptcy My Credit Is Still Bad

I was having a conversation with a friend today, we were talking about credit.

After Bankruptcy My Credit is Still Bad

He began to tell me that he had filed bankruptcy four (4) years ago and he still had a low credit score.

There was a recent purchase of a used car which had a high interest rate.

He went on to tell me that the dealership wanted him to get a

co-signer to get a lower interest rate and payment.

I asked him had he done anything to reestablish his credit since the bankruptcy.

The answer was no.

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After bankruptcy my credit is still bad is a reality for many people.

I came across this article that talked about this very subject.

Yahoo Finance – 2 Years After Bankruptcy, My Credit Is Still Bad, Why?

There is a person who poses the question 2 Years After Bankruptcy, My Credit Is Still Bad, Why?

The article covers a few points that I would like to expound upon to answer that question.

1. After bankruptcy my credit is still bad when my credit report does not reflect all my accounts

being included in my bankruptcy.

Looking at your credit report to make sure that all of your accounts that are included in your

bankruptcies are actually reporting correctly.

Many people just assume that after filing for bankruptcy that the process is over and their will

automatically start to rebound.

You can go to annualcreditreport.com to get your free copy of your credit report.

However, if you have recently filed for Chapter 7 bankruptcy your attorney may have already

requested a you get a current credit report to make sure that you have everything included in your

filing.

If that is the case you can go to www.myfico.com to purchase a copy of your credit report or

to one of the credit bureaus to purchase a copy.

Go over each item on the credit report to make sure its reporting properly.

Each account included in the bankruptcy should have a zero balance and show that it was

in the bankruptcy.

2.  After bankruptcy my credit is still bad can be due to the amount of time that has passed since

filing for bankruptcy.

The more time passes by the less your bankruptcy will affect your credit score.

Sometimes if wait a good length of time after the derogatory information has been placed on your credit

report before filing your credit score can rebound much faster.

3. After bankruptcy my credit is still bad when you have not reestablished new forms of credit.

The article talks about getting a secured credit card.

The person who posed the question does not want a credit card to keep from going back into debt.

This is understandable when accumulating debt has caused you to file for bankruptcy.

Using the card for simply purchases can help your credit.

Just be mindful to pay off the card each month.

Avoid the habits that caused you to get in trouble.

Leave the card at home when you are not going to use it.

After bankruptcy my credit is still bad, what are you going to do about it???

Your Financial Coach,

Renee Lawson