Credit repair after bankruptcy is possible but it is important to realise that there is no quick fix. How successful you are will depend on your understanding of credit repair and how you make use of the very few credit repair products available.
To repair your credit after bankruptcy you will need to:
It is important that you do not apply for loads of credit cards after bankruptcy, nearly all providers will reject you and leave a footprint on your credit report. This will make your credit rating worse.
You may wish to consider adding a note to your credit report stating the reasons for your bankruptcy, also make sure that your report states your discharge from bankruptcy.
Bankruptcy will remain on your credit report for six years.
Credit repair after bankruptcy may help to limit the challenges a discharged bankrupt will face when trying to raise credit in the future. Reasons for credit repair now include:
No, you cannot remove a bankruptcy from your credit report or pay anyone to do some magic for you. Bankruptcy will remain on your credit report for the six years it is supposed to be there.
Yes, if you have a bankruptcy restrictions undertaking or a bankruptcy restrictions order then it is very unlikely that you will be able to get credit whilst they are on your credit report.
Also, if you miss payments on any new forms of credit after bankruptcy then you will probably up end paying high charges and you will significantly damage your credit rating.