Do I have to wait until my bankruptcy is discharged to start rebuilding my credit, or just filed?

Question

I was told my bankruptcy was filed this morning and I would like to start rebuilding my credit as soon as possible. All the tips I have read refer to what to do after you file bankruptcy but they don't say if I need to wait the 2-3 months it will take to be discharged before I can apply for credit.

Answer 1

Start NOW.

Answer 2

Your bankruptcy is not offically discharged until 6 months after your hearing date. If there are issues or problems it could be longer. I would wait until after that time if at all possible. At the very least don't try to apply for any credit until at least your first hearing. The chances are low, but if the creditors see that you are applying for more credit in the middle of the bankruptcy they might object thinking if you can pay for new credit you could pay them.

When you do start, start with a Secured Card, that is where you put money into an account and they give you a credit line with that dollar amount.

Answer 3

I hope this helps you:

How to Improve Your Credit Rating After Bankruptcy
Bad credit and bankruptcy are the two most dreaded words in the financial world. These two things can greatly impact your financial situation. But what you are not aware of is the fact that you can improve your credit rating after bankruptcy.

Answer 4

Good question.
You do not have to wait.
Start immediately. You should work on all aspects of your report. Don't treat it as "Hands Off" until the bankruptcy is listed or discharge has taken place. You've wasted valuable time that could have been used to increase your score or remove misleading items.
Remember, anything that goes on a credit report can legally be removed; as long as you work within the guidelines of the Fair Credit Reporting Act (FCRA)

Answer 5

Get a secured credit card (usually only need $300.00 to put into an account) and they will give you a credit card. No credit score is needed and it helps to rebuild your credit.

Opt out of pre-screened loan offers, it's free on this website:
https://www.optoutprescreen.com/?rf=t
That tells the credit companies you are not interested in companies searching your files for loan offers. I've seen this improve my borrowers credit scores anywhere from 10 to 20 points. It's free and it's supported by Equifax, TransUnion and Experian (the credit reporting companies). When you go to the website you want to opt out electronically for 5 years.

Keep all your credit current, don't let anything go to collection.