Bankruptcy is both emotionally and financially devastating.  Now that yours has been discharged, it is probably very important to you to get your life back together.  Part of doing this is reestablishing your credit history.  This article will look at simple steps you can take for credit repair after bankruptcy.

Clean Up Credit Reporting Errors

Because creditors routinely fail to report accounts that are included in bankruptcy accurately, you will need to carefully review your credit report.  Chances are, you will find accounts that were included in your bankruptcy being reported as open and currently past due.  You will need to dispute these accounts with each of the three major credit bureaus.

Establishing New Credit

Many people think they should wait a while after a bankruptcy discharge to establish new credit.  The truth is the sooner the better!  You can get started by getting a secured credit card just as soon as your bankruptcy is discharged.  You should also consider getting a loan against a CD that you take out at your bank.  These two steps will give you both revolving and installment credit, which is important to have for the best possible credit score.

Another type of credit that you can look for right away is a merchandise cards.  These are cards that allow you to shop at a single catalog or website.  An example of this is FingerHut.  Believe it or not, these cards can help you reestablish credit because they do report to the credit bureaus.

After six months have passed from the time you opened these accounts, you should begin looking for an unsecured credit card for people with bad credit.  Like your secured card, your credit limit will be small, but with on time payments, your lenders are sure to increase it.

You can also consider getting store credit cards.  These cards are typically easier to qualify for because the creditors want you to spend money in their store!

By following these easy steps, you are well on your way to fast credit repair!

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