Some things to expect after a bankruptcy discharge

A bankruptcy may remain on a petitioner’s credit report for up to 10 years. Individuals who recently had their debts discharged may wish to begin considering some of the possible post-bankruptcy outcomes and opportunities. 

Without a need to worry about creditor harassment, many filers experience a fresh start. Shortly after a bankruptcy, credit card issuers begin to offer secured cards with an account-holder deposit, as noted by This may represent a relatively speedy way to begin rebuilding credit. 

A secured credit card may bring needed benefits

A secured credit account acts like a traditional credit card because the issuer communicates on-time payments to the three major reporting bureaus. Regular payments may help to improve an individual’s credit score in a significantly shorter length of time. After raising a score into the “fair” range, an individual may begin to qualify for an unsecured card or personal loan. 

When applying for a new apartment or home loan, a potential landlord or lender typically runs a credit check. After rebuilding credit through a secured card and showing proof of income through a W-2 form or tax return, a property owner or mortgage lender may view a potential tenant or borrower in a much more favorable light. 

An employer or business supplier may require a credit check

Some employers require job candidates to consent to a credit check during the hiring process. As noted by U.S. News and World Report, positions that include handling money for a company’s clients may expect to review a candidate’s credit. 

Business owners do not need to worry about having good enough credit to secure a new job. They may, however, need to consent to a credit check when applying for an insurance policy or setting up an account to purchase goods from a new supplier.