How Do You Repair Your Credit After Bankruptcy?

This is a common question I hear and the answers start with the length and type of your employment, the longer you have worked at the same job the better. However, credit repair steps do not end with employment history.First, keep in mind why you filed bankruptcy in the first place whether is was loss of job, illness, or divorce. If so, you are a good candidate for moving forward with establishing new credit. If you filed bankruptcy due to compulsive spending, gambling, drugs or alcohol, there is lifestyle or character issues that should be address or you will simply be repeating yourself quickly.
Next step is to apply for a secured credit card this can be done. By depositing money with a lender, your credit limit is usually the amount of the deposit. Note that this is different than a debit card, which has no element of credit lending, or credit history rebuilding record.
Pay any installment loans that you may have on time, especially secured loans like cars or mortgages. Each month you pay on time, it is reported to the credit bureaus.
After you have a secured credit card, get a store card from a gas company or department store. Use revolving credit lightly, but regularly. The mix of credit cards, installment loans, and store cards used and paid regularly on time, is the fast track to restoring your credit rating after bankruptcy, and can be accomplished in as little as two years in conjunction with a good employment history.

Thanks for sharing your insights on this! I agree, by acquiring a secured credit card after bankruptcy, a consumer is better able to improve their credit and at the same time exercise discipline in paying their bills in full and in a timely manner.

How does a good employment history contribute to that?

I think another good question to ask is - (How do you repair your credit after bankruptcy and) how long does it take?

I think another good question to ask is - (How do you repair your credit after bankruptcy and) how long does it take?

Some would say to keep the secured card for 12-18 months or at least that's how long it would take to establish a good payment history. Then one can apply for an unsecured card.