How to Rebuild Your Credit After Bankruptcy

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The COVID-19 pandemic has caused a great deal of economic turmoil around the world, impacting the lives — and livelihood — of millions. With unemployment rates at a record high, there are many who have fallen on tough times financially.

If you are someone who has recently filed bankruptcy at the hands of the COVID-19 pandemic, here are a few suggestions for how you can start to rebuild your credit:

1. Check your credit report.

Monitoring your credit report—especially now—is important to ensuring your credit history is accurate. You can get a free copy of your credit report from each of the three major credit reporting bureaus—Equifax, Experian and TransUnion—at If there are errors found on your credit report, disputing them may help improve your credit.

2. Pay your bills on time, if possible.

Making on-time payments is one of the most effective ways to rebuild your credit. Even if you can only pay the minimum balance, do your best to stay on top of your monthly payments.

3. Get a co-signer.

A co-signer may be brought on as an additional repayment source for a loan, enabling you to obtain financing terms you might not otherwise be able to obtain. However, before you get a co-signer, you both should have an understanding that the co-signer is responsible for the amount owed if you don’t pay.

4. Keep your credit balances low.

Although having a credit card is good for establishing credit history, credit companies such as Experian advise keeping your use of credit to no more than 30 percent of your total credit limit.

5. If you’re looking to purchase a vehicle, seek out a finance company that specializes in extending credit to those with bad or no credit.

Subprime financing is available to consumers with bad credit or no credit. Car dealers enrolled in the Credit Acceptance auto finance program can approve you for financing regardless of your credit history. And, since we report to the three major credit bureaus, you have an opportunity to improve your credit history by making on-time car payments.

To get started, simply fill out this short form on our website to get connected with an enrolled car dealer who can help you start your credit approval today!