How fast does your credit come back after bankruptcy?
Jan Meriss Alfonso Assistant at Ascent Law LLC If you filed for bankruptcy, you need to find a new credit card with a reputable issuer. You also need to understand your credit score. Your score determines whether you are eligible for a credit card. You can obtain your credit report from Experian or Discover for free. If your score is low, you can work to improve it. Once you get your new card, it is important to limit your credit usage to recurring payments. Many credit experts suggest that people try to keep their balances below 30% of their available credit. This means that if you have a $500 credit limit, you should not use more than $150 before paying it off. This is because lenders may see you as a risky borrower if you have a high credit utilization ratio. Using a new card after bankruptcy is a good way to start rebuilding your credit history, but it is important to remember that you need to keep your balance low and pay it off every month. Before applying for a new credit ...