Thursday, October 16, 2008

After bankruptcy :

The word bankruptcy looks very simple way to get out from your debts but its not that much easy. For that reason it is the last way to resolve the problem. If you will declare yourself as a insolvent, It will bring your credit rating considerably down, you may face some problem while taking credit cards & loans. Beside this bankruptcy will make your interest high. For that reason it is very essential to start working up your credit rating post bankruptcy soon.

Process of improving your credit rating when you declare yourself as bankrupt.

1. Wisely used credit card is applicable.

2. Stick to the repayment plan that has been agreed at the time of bankruptcy.

3. Payment on time should be preferable.

4. Try to pay more than the minimum amount if you can afford it.

5. Need to open a savings account.

All the above mentioned points will able to make your credit score high.Beside this will help you to improve your overall credit report.

If you start taking these small steps for the rebuilding process, then you can start taking even larger steps. When those will start taking in place, it will make you more confidence & will start creating new ways of improving your credit report. In this case credit reporting agencies will help you to check any errors. At last bankruptcy will be there in your credit report, but need to keep in your mind that there is no other mistake that should unfairly add to a low credit rating.

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