Bankruptcy, by itself, does not ruin a person’s credit forever. In fact, many people are surprised to find out that their credit can actually be rebuilt much faster and easier after they finally file for bankruptcy.

The bankruptcy will fall off your record after a set number of years (depending on the type of bankruptcy you file). Even before then, however, you can be taking active steps to rebuild your score. Rather than spending your time, resources and energy trying to crawl out from under debt, digging yourself deeper into credit problems, you are now free to work on repairing the damage that’s been done.

Here are a few tips for turning your credit score around, starting today:

Apply for new credit – Believe it or not, there are people who will lend to you immediately after you declare bankruptcy. You don’t want to fall back into your old habits, by any means, but if you have the self control, you might want to start establishing new lines of credit.

Pay down new credit as quickly as possible – Applying for new credit is only an effective strategy if you are committed to paying down any credit you accumulate as quickly as possible. The faster you pay down this new debt, the more appealing you look to lenders – and the faster your credit score increases.

Keep your balances low – Similar to paying quickly, make sure to keep low balances on these lines of credit. Don’t seem to eager to take out large amounts of credit. Live within your means, only borrow small amounts and pay those amounts off before the statement comes due.

Work with financial resources – There are several resources throughout the community committed to helping individuals learn solid financial skills and rebuild credit. Take advantage of these classes and resources to learn the best strategies for handling your money, building your credit and avoiding future debt-related stress.

Our firm can help you find the assistance and resources you need to build a solid financial and credit foundation for the future. Many of our former bankruptcy clients now live on a solid financial footing, and we want to help you experience the same second chance they have worked for.