How is it Smart to get Post-Bankruptcy Credit Cards

There are various ways to rebuild your credit after bankruptcy. From the credit card debt consolidation, credit repairs, to the post-bankruptcy credit cards, everything is possible with the best credit repair companies. Before you apply for a credit card right after the bankruptcy, it’s essential for you to examine why you’ve experienced this stage. After this, you can begin with credit history and various financial habits in a better way. 

Evaluate your finances and financial habits 

Take a look, why the bankruptcy took place and what were the reasons behind it. Sometimes, bankruptcy might be unavoidable, however, there are still some habits that we can improve such as purchasing health insurance, forgoing shopping, building up an emergency fund and other things. Some habits can really save you from going bankrupt once again. Learn the skills like financing and budgeting which will help you in avoiding financial trouble in the near future. 

Check out the credit reports

You must pull out the credit reports from three major credit bureaus like TransUnion, Experian, and Equifax. If you really want to verify the delinquent accounts being removed then these are the credit reports you must check. If there are any affected accounts that must indicate bankruptcy, and shows no balance or past due amounts or the late payments, then it’s a matter of concern for you. You must know when to wait to check your credit reports - 

• Chapter 7 Bankruptcy must be checked 90 days after the filing of bankruptcy. 
• Chapter 13 Bankruptcy must be checked 90 days after the bankruptcy has been discharged. This might take three to five years. You’ll have to be patient with this one. 

In case you ever come across the errors, you will have to dispute them directly along with the credit reporting agencies.You must wait to apply for the new credit reports until everything is cleared up, otherwise, the companies might deny an applicant with all the delinquent accounts.You must also check the credit reports after the free services that are offered by some of the credit card issuers and the websites. Monitoring the credit report is a must. 

Add more credit 

You might be wary of the credit reports after the bankruptcy, however, the best way to get back on the track is to get new and positive usage of the credit that won’t erase it but might help you get off the negative damage. There are a few strategies that will help you out in boosting credits in case you have low scores - 

• Becoming an authorized user is definitely going to help you. If all of you have well-managed credit cards, you could easily ask them about being an authorized user without even giving out the physical cards.
• Applying for a credit-building loan is another step. The payments are reported as per the credit bureaus which helps in establishing the positive credit history for the same.
• It’s time to repair your credit cards and improve your financial habits!