I Have Just Gone Bankrupt How Do I Rebuild My Credit Rating?

Bankruptcy though it may sound as though one has hit rock bottom is not actually as worse as it sounds. According to credit experts declaring bankruptcy is much more preferable rather than having a number of charge offs (unpaid bills) on your credit report as it would show your willingness to pay off your dues and as it would give you the chance to start afresh. The first thing that one could do is to contact your creditors and come to a harmonious understanding regarding the repayment of bills; one should also ensure that all payments are being reported to the credit bureaus as it would go a long way in improving your credit rating.

The bankruptcy tag though it would remain for seven to ten years on your credit report depending on your record after declaring bankruptcy would not bar you from seeking a new credit card albeit a secured one, at a higher rate of interest, which would enable you to start afresh and improve your credit rating. Another way to improve your credit rating would be to request a friend or relative who has a good credit record to add you on as an authorized user on their credit card account which would improve your own rating.

Rebuilding credit rating after bankruptcy is a long term process and for the time being one would be wise to just keep paying one's bills on time while at the same time not letting any fresh dues accumulate. A credit counseling service would help in guiding you to manage your money as well as help you in the particularities of credit repair but as such there is no instant solution to improve your credit rating and people who claim to do so would only be taking you for a ride.

The only cards you may apply for are secured cards thru people like capital one and horizon.but check with your bank they may have one for you.

I have gone bankrupt in 2004 and was discharged 2007 can I still apply for credit cards?