If you are considering filing bankruptcy, you may have questions about what your credit will look like after you file. Will you ever be able to get a credit card or a loan of any type after bankruptcy? The answer is yes, but only if you follow the instructions given by your bankruptcy attorney. If you are ready to file bankruptcy, there are a few other things you should know in order to have good credit after your bankruptcy.
Be Truthful With Your Bankruptcy
Be sure you are being completely truthful with your bankruptcy and have included all of your loans and bills in your bankruptcy. Leaving anything out can result in those creditors still trying to get you to pay for the bills. You could be responsible for those debts that you didn't include, and you could end up in debt again right after your bankruptcy if you forget anything. Go through all of your debts with a fine-tooth comb and even look over your credit report to make sure everything is being included.
Pay Anything You Are Responsible For
In your bankruptcy, you may still be responsible for a few things. Credit card purchases made just before filing for your bankruptcy, or any debts created after your bankruptcy was filed may also be your responsibility to pay back. If you have anything such as this, be sure you pay back what is owed. Don't put yourself back into the same financial predicament you were just in.
Make Monthly Payments On Time
Make your monthly payments on time for those monthly debts. Your loan creditors will report to the credit bureaus, but so will your phone service provider and your energy provider. Be sure you are making these monthly payments on time and paying the proper amount. Skipping payments can cause you to get quickly behind and end up with negative inquiries on your credit report.
Open A Credit Card
If you don't have any open credit cards after your bankruptcy, open a new one. The interest rate will most likely be on the high side, which is fine. You want an open credit card to help boost your credit score. Open the credit card account, then make small charges each month that you can easily pay off every single month. Using and then paying off the credit card shows that you can have an open credit line, are able to use it, and can pay it off.
After you file your bankruptcy, there's no guarantee that you are going to have great credit. You're going to have to do your part by paying your bills on time and paying the right amount, and by following the instructions given by your bankruptcy law firm. It may take time, but you can have good credit after filing bankruptcy.