It is not uncommon for an individual who has considered filing for bankruptcy to wonder how long it will take to rebuild his or her credit score. While a bankruptcy filing will remain on your credit report for approximately 10 years, most people will begin to get credit card offers within a few months of having their debts discharged. We do not advise that our clients avail themselves of these types of unsolicited credit card offers, as they commonly have high interest rates, activation fees and other monthly or yearly membership charges. The most effective way to begin rebuilding your credit is to get a secured credit card and use it regularly and sensibly. You do not want to max out your existing credit, as that will contribute to keeping your credit score down.

Some people are under the impression that it is better to not get or use any credit cards after bankruptcy. This is not true. Obtaining a secured credit card from your bank or other reputable financial institution will help you rebuild your credit, as use of that credit card will be reported to credit bureaus. Manage your credit properly. Do not overextend your credit and work hard to live within your means. Build up a savings account so that you have a financial cushion. Paying your bills on time, living within your means, and using credit responsibly will all contribute to the restoration of your credit. After following these steps, our clients generally see their credit score begin to climb within a few months, and the majority will qualify for loans or unsecured credit accounts within a few years.

Credit scores do not dramatically drop overnight, nor will they significant rise overnight. It will take time and a concerted effort. Filing for bankruptcy is the first step in arresting the decline of your credit score, and regaining control of your finances. Rick Flume, Bankruptcy Attorney has years of bankruptcy law experience, and we are committed to helping our clients find the debt relief solution that is right for them. When you are represented by my firm, we will work with you closely, and guide you through the bankruptcy process so that you can rebuild your credit. Bankruptcy is not an end, it is a new beginning. To find out more about the bankruptcy services we offer, get in touch with a San Antonio bankruptcy attorney today.