Life can seem overwhelming after you are recovering from a personal bankruptcy, as we are aware at the law offices of Gipson, Norman & Root. Like other Texas residents in the same situation, you may feel hopeless about ever improving your credit score, let alone being approved for credit cards and major loans again. However, we can assure you that it is possible to improve your credit and get your financial life back on track after filing for bankruptcy.

Your credit score may have already plummeted in the months before you filed for bankruptcy, and now after your debt discharge, you are still struggling to see it rise. A recent LendingTree study may reassure you. According to Forbes, 65% of people who took part in the study had a credit score of 640 or higher two years after bankruptcy. Here are four tips for improving your own post-bankruptcy credit score:

  • Monitor your credit score regularly.
  • Get a secured credit card (one that requires a deposit), make a small monthly charge on it and pay it on time.
  • As your credit improves, “graduate” to a traditional unsecured credit card and continue to make small charges that you repay fully and on time.
  • Address any spending or budget problems to avoid relapsing into future financial pitfalls.

It can also help to remember that the stigma surrounding bankruptcy is outdated. Many people recover from bankruptcy and are able to obtain excellent credit scores down the line. As our page explains, there can be light at the end of the tunnel after your bankruptcy.