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Is It Possible To Restore Credit After A Bankruptcy?

The answer is yes.  Bankruptcy was at one time considered a 10 year curse and something that would cause a person to face serious problems borrowing for a very long time.  In recent years, mortgages were made available to people just one day after the discharge of their bankruptcy.  Of course, we all know that these easy to get subprime mortgages are no longer around.  Despite the problems in the mortgage market, credit card companies and banks will still work with you to rebuild your credit after bankruptcy.

The first thing that should be done after you have received your discharge from bankruptcy is to obtain a copy of your complete credit file from all three credit bureaus.  You will find that many of the debts that were wiped out by the bankruptcy will still be showing.  It is important that you write letters immediately to each credit bureau requesting that these accounts be updated showing a 0 balance.  If you are not pro active about doing this, it may take years for these items to get corrected on their own (if ever).

Next, you need to start establishing new credit.  The easiest way to do this is by using secured credit.  Secured credit simply means that you make a deposit with a bank or credit card company and then they provide you with a loan of this same amount.  For example, you deposit $300 into a savings account and then apply for a $300 loan.  The bank holds your savings deposit as collateral until you repay the $300 loan.  This is a very simple explanation, and I go into this in great detail in my credit scoring e book which is available at  We currently have a program that allows each person to receive one free e Book, so this would be a great time to take advantage of that offer and obtain the Credit Scoring e Book at no cost.  The Credit Scoring e Book also covers how to dispute incorrect items on your credit file after a bankruptcy and includes a list of secured credit cards and lenders that I recommend for rebuilding credit.

Restoring credit after bankruptcy may take some time, but it can be done.  The sooner you get started the faster your credit will be back to the level it was prior to the bankruptcy.  Many people have achieved very respectable scores in just 3 to 4 months and scores as good as they had prior to bankruptcy within  about two years using my strategies.

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Helping you make the most of God’s money!

James L. Paris
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