When can you start rebuilding credit score?

FisherKing036

Hi,

I'm in the early stages of bankruptcy (BO dated a month ago today in fact). I know there are various things I can do to start rebuilding my credit score but my question is: when can I start? Is it worth doing those things now, or will they may no difference until I'm discharged?

Thanks in advance if anyone knows the answer.

Morfx

I wouldn't even worry about your credit file for now. A Bankruptcy site on your file for 6 years. The likelihood of you getting a half decent "Credit account" somewhere will be Nil.

ManyWays

Wait until 6 months after your discharge. That gives the creditors time to update your credit report, so the first thing is to check that all the debts have a default date on before the start date of your bankruptcy. And all of them are marked as satisfied or partially satisfied with a 0 balance from the discharge date.

RAS

And ignore your credit score, particularly if you are wasting money paying for details. It's a US thing. What matters is your credit record.

Insolvency is reported for 6 years. Do a clean up afterwards to make sure it's not still appearing on your records. Meantime, pay rent, utilities etc on time and if you get any small accounts like phones, keep them squeaky clean.