How soon after filing for personal bankruptcy will you be able to achieve a good credit rating?

Answer 1

It depends. Were you able to carry any loans or lines of credit through the bankruptcy? If so, continue to make on time payments to these creditors, and continue to use and pay credit cards on a monthly basis. The key to obtaining a good credit rating is by re-establishing your credit. The only way to do this is to get new credit and use it, or use the credit that you still have and maintain it. Keep balances low on credit cards and pay them off every month if possible. DTE energy is the only utility company that reports to the credit bureau, and it is a good way to obtain credit when no one else will give it to you. If you put the DTE bill in your name, and make all the payments not more than 30 days late this will help to rebuild your score. You can go to your bank and try to obtain a secured loan or secured credit card. By making the payments on these lines of credit, you will be able to rebuild your score. Also keep in mind that although you may achieve a good credit rating shortly after your bankruptcy, it may still be difficult to obtain new credit. Some lenders simply will not be willing to lend you money for up to 7 years after the date that your bankruptcy has been discharged regardless of how high your credit score is.