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Upgrading Your Credit After a Chapter 13 Bankruptcy


Financial, debt, and credit difficulties can happen to anyone. Unexpected job loss, lay-offs, a serious accident, a sudden illness, medical bills, a few payments missed, and before you know it, bankruptcy may be the only realistic way to obtain some debt relief and try to make a fresh start in life. Many individuals and couples in Marysville or Union, Ohio, have filed Chapter 13 bankruptcies, and more will do so in the future, so you are certainly not alone. Once the plan is completed, one question almost everyone has is how can I go about rehabilitating my credit?

An average or good credit score is essential to such things as getting home financing, renting many apartments, and even obtaining certain jobs. How do you go about upgrading your credit after filing and completing a bankruptcy. Avoiding trying to get any new credit is a mistake. You will need to establish some modest credit accounts, use them responsibly, and not excessively, and make payments on time so that the information is reported to the three main credit reporting bureaus and your credit scores start to rise.

Having savings can also be helpful so that you have a cushion from which to make credit account payments if you run into a temporary cash flow problem. Applying for an unsecured credit card right after a bankruptcy will not work and will almost certainly wind up with just a rejection – and that will show up on your credit report. There are secured credit cards available where you leave a savings account deposit with the issuing bank, and your credit line amount is roughly equivalent to the size of that deposit.

Source:, "Can I Rebuild My Credit After My Chapter 13 Bankruptcy?" Steve Rhode, Dec. 13, 2013