After Bankruptcy Credit Decisions

The bankruptcy process can be quite liberating for anyone who has suffered with tremendous debt and damaged credit. While having debts discharged in bankruptcy can provide a fresh start, there are still some actions required to gain an advantage in the future credit world.

Getting On Track

The first place to start after your Dallas bankruptcy case is checking your credit report. Not all creditors are in a rush to update your information with credit reporting bureaus. It is your job to monitor your credit report for accuracy. If any of your discharged debt accounts are not updated, file a request with your creditor to have that information corrected right away. If your creditor fails to update your information, contact the creditor reporting bureau to have them file a request on your behalf.

Once your creditor report reflects your resolved debts, it is a good idea to begin fresh with debt. After all, the quickest way to good credit is a responsible use of credit. Shop around for a small, unsecured line of credit and establish a timely payment history. Keep your total debt balance below 30-40% of the overall spending limit to keep your credit use positive. Don’t miss a payment and even if you pay off the account, leave the card open.  Once you have established a positive payment history for six to twelve months you can begin to look for more advanced lines of credit.