If you don't have the money to pay an existing credit card balance at the moment, try getting a loan from a family member or relative, so that your debts can be wiped off from your card, and your credit score also gets a helpful boost. Never Do Loan Shopping Whenever you continually shop for loans, or submit to as many lenders within just two weeks, your credit score will surely suffer a major drop. Availing a bank loan may be equally tough too, since most lenders will have second thoughts of offering their services to you, especially if they see your bankruptcy record. How To Stay Afloat Despite Experiencing Bankruptcy Whenever you wish to make a business purchase, or you wish to avail of a housing loan after an episode of bankruptcy, here are some helpful tips to follow. Devise A Well-Crafted Vusiness Plan When building your business, also prepare a coherent, well-crafteed business plan, which includes all the essential financial details, including the required sections and sub-sections. Write down and dtermine what your long-term an dhsort-term plans are, as well as get allt he necessary licenses, permits and papers for legally operating your business. Under the right circumstances, it would be better if you ask for permission, instead of asking for forgiveness from your creditors, since these individuals can actually punish you with late charges and black eyes on your credit score. Arrange For Automatic Payments For Every Type Of Loan To keep your sanity intact during a financial crisis, it would help if you carefully manage all your bill payments. Always make it a habit to pay on time, and according to most credit experts, paying your bills on time does wonders in getting a handsome credit score. While most creditors won t report late payments made at 30 days, once it reaches 60 to 90 days, a borrower will certainly get reported. If you ve made late payments before, relax and don t worry, since over time those infractions will slowly diminish, and you ll get back your old credit score. An individual can also get his or her own credit report from major credit agencies like Experian, Equifax, TransUnion and other small companies that serve regional or local markets. The Importance Of Credit Scores A person s credit score is drawn from the credit report. The score determines how credit-worthy and financially responsible he or she is.