After Bankruptcy


We have had quite a few people recently asking what they can do after their bankruptcy has been discharged to try and improve their credit.

Time is the great healer, with just about everything, including your credit. While bankruptcy will stay on your credit file for six (6) years, this does not necessarily mean you will not be granted credit during that time. Initially after your bankruptcy has been discharged it will be difficult to obtain credit.

Once your bankruptcy has been discharged you can send copies of the discharge notice to the three credit bureaus, CallCredit, Experian, and Equifax. This so they can update your credit file to show the bankruptcy has been discharged and is over and you are no longer under the restrictions of being bankrupt.

In time you can speak to your bank where you have a basic account, as you are allowed a basic account whilst bankrupt, and inquire about a savings account. Then show a regular pattern of saving each month.

Next would be to inquire about a current account, upgrading your basic account, and possibly a small overdraft, £50 or £100.

This in addition to continuing to make on time payments for your monthly bills such as rent, gas, electric, etc, will help to improve your credit rating.