Dallas, TX asked in Bankruptcy for Texas

Q: What are way to improve your credit after filing a chapture 7 bankruptcy? What are some do's and dont's after filing?

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1 Lawyer Answer
Mr. J. Thomas Black
Mr. J. Thomas Black
  • Bankruptcy Lawyer
  • Houston, TX
  • Licensed in Texas

A: After a bankruptcy discharge, review your free credit reports from annualcreditreport.com and dispute any that are not reporting correctly. If they were discharged they should show "discharged in bankruptcy" and show a zero balance due. Review your credit reports at least annually for errors.

Then you must use some credit to rebuild good credit. Apply for one to three credit cards, and use them very sparingly, always keeping the balance to less than 30% of your credit limit, and paying them off each month. This shows lenders that you can handle credit responsibly.

Do not default or become delinquent on any new debt created after a bankruptcy, or your credit score will likely suffer for a long time.

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