Quickly Regaining Your Credit After Bankruptcy

• 1). Check your credit reports. Your credit report and history directly influence your overall credit score, but the credit reporting agencies don't always get it right. While the bankruptcy has lowered your score, there may be inaccurate or expired negative information that you can have removed, which will increase your score. You can dispute your credit report from each of the credit bureau's websites. See the reference section for links.
  
  
• 2). Apply for a credit card. Most if not all of your credit cards were likely included on the bankruptcy, but you may still qualify for an unsecured or secured credit card. The interest rates will likely be high and their limits will likely be low, but with a credit card you can begin building your credit again right away. Only get one or two cards. You don't want to overload yourself with too many credit cards with high interest.
  
  
• 3). Keep your balance low. Your credit score takes into account the amount of debt you have and the amount of credit you have available to you. You should try and keep your debt load at about 10 percent of your total credit availability. You should also pay it off every month and start fresh the next month. This may take several months before it begins affecting your credit score.
  
  
• 4). Pay your bills on time. Perhaps the easiest and best way to raise your credit score quickly is to pay your bills on time. Find out when your credit card and loan due dates are and plan to have your payments in on time or even early. Your credit report will show that you are making payments on time and this will improve your credit greatly over a period of time. This may also take a couple of months before you notice a change in your credit score.
  
  
• 5). Find installment credit. Credit cards are considered revolving credit because you only pay interest on what you borrow. Long-term credit such as car loans and a mortgage are considered installment credit and weigh heavier on your credit score. If you already have a mortgage or car loan that survived your bankruptcy, make sure to pay bills on time and with the predetermined amount. If you don't have one, then you might consider looking for an installment loan to improve your credit quickly.