It's been around 4 years since I finished bankruptcy, how do I rebuild my credit?

Asked by mk

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Answered by Jay Schurman, Financial Adviser in San Ramon, CA
The first step in rebuilding your credit you hopefully have already accomplished which is to create a budget that allows you to pay all of your bills in a timely fashion. Because credit scoring models typically lend more weight to your recent activity than to the mistakes you've made in the past, you can change your habits right now and begin reestablishing yourself as a good credit risk.

You must change whatever occurred that caused the bankruptcy in the first place. Are you tracking your credit score? The site credit karma (www.creditkarma.com) is a good free site that will allow you to monitor your credit score.

An additional key strategy to rebuilding your credit rating after bankruptcy is to obtain a secured credit card. With a secured card, you deposit a given amount of money, such as $500, into a bank account and that $500 becomes your credit limit. By charging small amounts each month and repaying your debts as agreed, you can gradually rebuild your credit | 06.05.15 @ 18:27
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$commenter.renderDisplayableName() — {comment} | 12.11.16 @ 14:31
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