Good Credit After Bankruptcy

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It is possible to get Good Credit After Bankruptcy. It takes a little patience, but it will happen with a little planning. This is Reason “G” for filing Bankruptcy

The key to remember when rebuilding or rehabilitating your credit is that TIME HEALS. the longer it has been since your bad credit or since your bankruptcy, the better your credit score will be. So even if you do nothing, you will have Good Credit over time.

There are ways however, to accelerate good credit after bankruptcy.

FIRST THING: Pull your credit reports.

When you pull them, do not be surprised if you see that some of your debts are still being reported incorrectly. We explain how to fix this below.

You can get one free report from the three major credit bureaus each year. Go to to access the web site set up by the Federal Government under the FACT Act. You will set up an account with each agency. They will issue you a login and password. Keep this information handy — you will need it later.

Ideally, your credit report should show your discharged debt with a ZERO balance and it should say “Included in Bankruptcy” next to it. If it does not say this, then log back into the web site and go to “DISPUTE.” This will pull up every creditor on your credit report. Just click on the creditor you are disputing and it will being up a selection of reasons for disputing that debt. All you need to do is click the reason “Was included in my bankruptcy filing.” It’s that easy.

In about 45 days, the agency will update your report showing the debts being reported correctly. It’s easy to take care and something that you should do right awy.

IMPORTANT: Make sure that your Credit Report is UPDATED and CORRECTED PRIOR to getting any type of financing. Especially if you are buying a house or car!

SECOND: The Next TWO to THREE Years.

When trying to get Good Credit After bankruptcy, the next two to three years are the most important time to re-establish and rehabilitate your credit. You don’t need to lay low for the next two to three years, but you should continue focusing on living within your means and paying cash. This means buying things used, buying things at thrift stores, and not buying and financing a bunch of new stuff that you cannot afford. You need to learn to live and stay on a budget.

Of course this doesn’t mean that you shouldn’t get any credit at all. For good credit, it normally helps to have two to three new credit items on your credit report after a bankruptcy filing. This may mean getting a car loan or applying for a credit card. You should be receiving offers for new credit as we speak. However, please be SMART about any new credit you receive. Pick and choose credit that is the most affordable with the fairest terms. The main impact your bankruptcy has on your credit is making your new credit much more expensive. You are still considered a credit-risk and you will have to pay a much higher rate of interest than someone with a better credit score.

Most importantly, once you establish new credit, you must pay ON TIME. If you want good credit after bankruptcy, this is probably the most important thing. PAY ON TIME.

If you increase your income, re-establish your credit, and pay on time; then you should find that after four or five years, your credit score will greatly improve and the bankruptcy will not affect you as much anymore. After the fifth year, most lenders will only want to know what have you done with your credit since the bankruptcy and how able will you be to pay for your new credit.

OUR RECOMMENDATION: Your credit score (FICO) and how high you can get it after bankruptcy are important. We recommend that you download FICO’s 17-page booklet called Understanding Credit Reports and Scores.

You can find it on FICO’s web site at

Please visit our website for more information about us and bankruptcy. You may also view our video with Bankruptcy Information.

Call us today at (713) 974-1151 to schedule a no-obligation consultation or feel free to email us at

We provide bankruptcy services in the greater Houston metro area including the cities of Katy, Sugarland, Pearland, Friendswood, Clear Lake and Galveston. We also handle cases from The Woodlands, Spring and Tomball and cases in Baytown and Channelview.

We handle bankruptcy cases in all of these counties: Brazoria, Chambers, Galveston, Matagorda, Austin, Brazos, Colorado, Fayette, Fort Bend, Grimes, Harris, Madison, Montgomery, San Jacinto, Walker, Waller, Wharton
Bankruptcy Attorneys around the nation are taking part in this Bankruptcy Alphabet. See what other excellent attorneys are saying about the letter “G” in their blog posts.


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