A lot of people think that bankruptcy is an end to their credit life, but the fact of the matter is credit repair after bankruptcy is possible. Time and patience will be absolute virtues along the way, however.

Anyone who thinks credit repair after bankruptcy will be easy is fooling themselves. Once a bankruptcy is cleared, everything that goes into a credit report from that moment forward will be scrutinized even greater than it might have been in the past. Do not expect credit repair after bankruptcy to be a fast process. With this in mind, it’s important to follow a few basic rules to proceed successfully with credit repair after bankruptcy. These include:

Hold on to accounts you have

Some people find that credit repair after bankruptcy is a little easier if the accounts they didn’t close out in the process are kept open and are handled like they are breakable china. Take care to pay these accounts on time, all the time. Do ensure that some credit is used, however, but take it easy. Whether it’s your mortgage, a car loan or a credit card that was retained or a combination of them, these accounts will help you with credit repair after bankruptcy.

Slowly apply for new loans

Just because your obligations have been wiped clean doesn’t mean it’s time to go crazy. Take care in getting new loans or credit cards. If you go slow and pay well, credit repair after bankruptcy will be much easier. The most important thing to do is to pay on time all the time. If you do this, credit repair after bankruptcy will go much smoother. Do expect to have higher interest rates than you may have before. The truth is as you work on credit repair after bankruptcy, the process might be slow and you will be considered a big risk along the way. If you do your job at this point, you can appreciate good credit down the road.

Strike a balance

As you get back into the world of credit, it’s important to strike a balance with loans. This means credit repair after bankruptcy is generally more effective if a combination of credit cards and installment loans is included in the process. Do take care not to go overboard as you strike this balance. Overextending after a major incident can create more problems.

Protecting your financial well being is very important in mastering the road to credit repair after bankruptcy. Take your time, select credit extensions wisely, and do expect to pay a little more during the process of credit repair after bankruptcy. If you are smart in the process, the mark on your credit could turn into a cloud with a silver lining.