Life After Bankruptcy

There is no "B" branded on your forehead!

As you may know the fact that you filed bankruptcy is on your credit report for ten years.  That is the bad news, the good news is that it doesn't matter; your scores will improve almost immediately.  One of the worst facts on your report are any 90 day lates and because of the bankruptcy you don't have any more 90 day lates and if you do, you should challenge the report and have them removed. 

It's not that you filed bankruptcy, it is the on time payments to your new and ongoing obligations that becomes important.

To improve your scores:
 - If you have secured debt which you kept, make sure you keep the payments going forward
   current, no more lates; if you have no secured debt, pay your rent on time.
 - Keep a balance in your checking account.  It is a good idea to set aside money in a bank for
   emergencies and the larger the balance the better.  If you have a 401(k) 
   [retirement account] available through work, take advantage of the plan as it is one of the
   best dollars you can save because it may not be currently taxed and grows faster. 
   This works even if you only save 1% of you pay; do the numbers protracted over time, you
   will be supprised.
 - Approximately, nine months after your discharge go to www.annualcreditreport.com and pull
   your credit report.  It is free, you are allowed an annual report from each of the three
   agencies.  You should dispute anything and everything that is not absolutely true and
   accurate.

Remeber it is what you do after bankruptcy that is important.