Why do you need to rebuild your credit? Because you need to demonstrate to potential creditors that you are a good credit risk. You likely filed bankruptcy because you had too much debt relative to your income to pay your bills.
Even if you had not made late payments on your bills, potential lenders still refused to loan money to you because you could not show the ability to repay your debts. So, your credit rating probably wasn't great before your bankruptcy.
Nonetheless, your bankruptcy filing may remain on your credit record for up to ten years, and anyone considering extending you any credit in your post-bankruptcy life will scrutinize you closely. You're on a sort of financial probation. But, this situation need not be permanent.
If you can start building a solid financial track record after filing bankruptcy, your credit rating may go up dramatically. Since credit rating formulas typically weigh your recent behavior more heavily than your past behavior, if you demonstrate that you can handle credit responsibly after your bankruptcy, you may be able to boost your credit rating and rebuild your financial life.
In rebuilding your credit, there are three critical things to do. First, review your credit report. Second, make any changes to your credit report necessary to make it accurate. And third, make sure that you have not been a victim of identity theft.
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