7 Tips for How to Rebuild Credit After Filing for Bankruptcy

Will filing for bankruptcy in Edmonton ruin your credit forever? No, this doesn’t need to be the case. You can do many things for rebuilding credit after bankruptcy, and we are sharing them with you today. In addition to these tips for rebuilding credit, we encourage you to reach out for bankruptcy and credit counselling services for more personalized help. 

7 Tips for How to Rebuild Credit

Here are some of the steps to follow for rebuilding your credit after bankruptcy. 

Check your credit report

Did you know your credit report should display filing for bankruptcy rather than showing outstanding debts? Check your credit report to make sure it’s up to date while you’re rebuilding your credit.

Pay your outstanding debts on time

Declaring bankruptcy might not resolve all your debts. For any remaining debts, be sure you keep paying them on time, or your credit will continue to suffer.

(Student loans can be one of those outstanding debts if you have not satisfied the waiting period. For more on declaring bankruptcy with student debts, read this post next.)

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    7 Tips for How to Rebuild Credit After Filing for Bankruptcy

    Look for new credit opportunities

    It can be more challenging to secure new credit after filing for bankruptcy, but there are still some options available to you. Pursue these options to allow yourself to build new credit. But remember: paying your new credit off on time is more important than ever!

    Maintain employment with the same company

    Job hopping on its own won’t damage your credit score. But what it can do is make it more challenging for new lenders to approve you after filing for bankruptcy. Lenders want to see that you have steady, secure employment because this is important for paying back your debts. 

    Pay your credit cards on time

    Whether it’s secured or unsecured debt you generate after filing for bankruptcy, be sure to keep making these payments on time too. Not only should you be sure to make the minimum payment, but do your best to pay off your credit cards in full each month. Otherwise, it will reflect on your credit report before long. However, if you can make total payments on time, this is a helpful step for rebuilding your credit. 

    Carefully consider new credit sources

    After filing for bankruptcy, it might be tempting to apply for several new loans or credit sources so you can pick and choose from the ones that approve you. The problem is, these applications can show up on your credit score. And if you have several denied loan applications on your report, you can imagine what this does to your credit score. 

    Be patient

    Rebuilding your credit after filing for bankruptcy won’t happen overnight. It takes hard work, careful planning, and time to make it happen. But it can happen. Continue making intelligent financial decisions, including reaching out for credit and debt counselling services in Edmonton.

    Learn How to Rebuild Credit with Professional Help

    Rebuilding your credit without professional guidance can make the process even more challenging and lonely. The good news is, there are experienced credit and debt counsellors who have seen it all and are waiting to share their expertise with you.

    (Not sure if you need credit counselling? Here are six signs it’s right for you.)

    When you choose Fox-Miles for your credit counselling services after filing for bankruptcy in Edmonton, we will help you rebuild your credit and help you achieve long-term financial stability. We take time to understand your lifestyle and financial habits to know how your current financial situation came to be. Most notably, we also focus on how we can work together to improve your finances moving forward.  

    Contact us today to schedule your first credit counselling appointment with our compassionate and professional team. 

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    7 Tips for How to Rebuild Credit After Filing for Bankruptcy
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    7 Tips for How to Rebuild Credit After Filing for Bankruptcy
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    See our 7 Tips for How to Rebuild Credit After Filing for Bankruptcy. Bankruptcy can make rebuilding your credit challenging. Find out more from the experts on what to after a bankruptcy.
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    Fox-Miles & Associates Licensed Insolvency Trustee
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