Many people think that when they file bankruptcy there is simply no hope in building their credit back up. This is far from the truth. Sure, bankruptcy will be listed on your credit report for 10 years, but within a matter of a few years, you can build up your credit even if you filed bankruptcy.

By managing your credit responsibly and taking the right steps towards building your credit, you are opening yourself up to the opportunity of being able to build your credit score in just a matter of a few years.

Bankruptcy actually affects the four Cs of credit. Here they are in case you don’t know them.

Collateral: This is simply an asset that can be used for security on a loan that you get. In most cases, there aren’t any assets after bankruptcy is filed. You can take out a loan to buy something to use as collateral or open up a savings account at a bank in order to use it for collateral.

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