Bankruptcy can damage one’s credit quite badly, leaving a person without access to loans or other financial features that can make life somewhat easier. If an individual files personal bankruptcy, he may find himself wondering “How to fix credit after bankruptcy?” The following will offer some insight about how to do just that as simply as possible.

Phoenix, AZ -- (SBWire) -- 12/05/2012 --The first rule of post-bankruptcy credit repair is be patient. It took some time to get to the point where filing personal bankruptcy was the only viable option; it’s going to take lots of time to rebuild credit now that it’s done. A bankruptcy can remain on a credit report for up to 10 years, but this does not mean that a person who has had a bankruptcy discharged will have to wait that long to re-establish his credit. There are many ideas about how to fix your credit after bankruptcy, so don’t abandon hope. Fix Credit Online After Bankruptcy, Send Your Request

Before addressing how to fix credit after bankruptcy, understand that bad credit information is screened through three varied criteria: how recent it is, how frequent is it, and how severe it is. The key, then, is to replace bad credit information with positive action to indicate that one is able to pay one’s bills. Of course, this takes time, and each individual lender determines how much. Some lenders will offer credit cards as soon as 2 to 3 years after a bankruptcy, but the interest rates on them will be astronomical, so it may be fiscally wiser to pass on them. Other lenders won’t open the option of new credit to a person who has filed bankruptcy for the full 10 years it stays on one’s record.

To gain knowledge about how to fix your credit after bankruptcy, here are some helpful tips. First, get a copy of one’s credit report after the bankruptcy has been discharged. Make sure it is comprehendible, but don’t be reluctant to seek clarification from a second party if it is not. Ascertain that debts that were part of the bankruptcy are duly notated, usually with a BK next to them. This way, creditors can see that these debts are no longer hanging over one’s head. Develop a strict but affordable budget and do not stray from it. This is the only way to avoid getting too far into debt a second time. Apply for new credit a few years after the bankruptcy, but expect high interest rates for a bit. As one demonstrates one’s ability to handle new credit, the interest rates will come down.

http://www.Credit-yogi.com, an online marketing company in Pittsfield, Massachusetts, has more information on this topic and is happy to share it with others.