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Jami from Michigan wrote in to ask about rebuilding her credit after some rough times: What is the quickest way to re-establish credit after a bankruptcy?  I have horrible credit. Now that I have felt how it affects me I need to get it repaired!Rebuilding your credit after a bankruptcy filing takes a few smart moves and some patience. Your first step is to check that the bankruptcy records are being reported accurately on your credit report. Check to see that the accounts included in your filing as marked as "INCLUDED IN BK" on your credit reports. Next, calculate the expiration dates of your negative credit report records. The actual bankruptcy record will remain on your credit report for 7 years from the filing date (10 years for chapter 7). Each account included in the bankruptcy will also remain on your report for 7 years. There is nothing you can do to remove these records before their expiration dates. Finally, work on adding new positive records to your credit reports. Opening a credit card or small loan account and using it responsibly is a great place to start.  Look for an account that is designed to help people rebuild their credit. Be aware that many of these accounts come with expensive rates and fees. Shop online for accounts that fit your needs instead of accepting expensive offers than come in the mail. You may want to try the Orchard Bank Secured MasterCard. It has a decent APR and a low $35 annual fee. Use your new account for small purchases and pay the balance on time each month for the maximum benefit. Work to establish a squeaky clean credit record post-bankruptcy and you'll be back on track within a few years. You can read more about rebuilding your credit online.

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