If you've recently filed chapter 7, performing credit repair after bankruptcy should be considered an essential part of your financial recovery. The sooner you start, the more quickly you'll recover. Repairing your credit score after bankruptcy means that you won't have to wait 10 years to qualify for low interest mortgages, loans, credit cards and car financing.

Bankruptcy credit repair isn't something that can be achieved overnight, nor is it legally possible to get a new credit report, but you should be able to qualify for mainstream financial products in just 2 to 3 years. You need access to credit and to pay your debts punctually each month.

Using Secured Credit Cards for Credit Repair After Bankruptcy

The formula used by the Fair Isaac corporation is a closely-guarded secret, but it's clear that your score will be higher if you utilize different forms of credit. This means that you'll need multiple forms of revolving (credit and charge cards) and installment (loans, mortgages and car financing) debt.