How do I re-build my credit after bankruptcy?

After you’ve declared bankruptcy, it is important that you use your credit responsibly. Otherwise, your credit situation will not improve. The best way to improve your credit is to continue making payments on your house and car.

Your credit score is not the only factor banks consider when deciding whether or not to extend you credit. Banks will also consider:

  • payment history
  • the amount of money you owe
  • the length of time you've been in the credit system
  • the kinds of credit you used in the past
  • the amount of credit you've applied for recently
  • debt-to-income ratio (which is improved by bankruptcy)
  • your employment history
  • address history
  • the amount and kind of property that you own

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