What Are Some Good Ways To Rebuild My Credit?
One of the biggest concerns we hear from our bankruptcy clients is how they can repair and rebuild their credit after their bankruptcy filing. This is a valid concern, but the reality is your credit will be better post-bankruptcy than pre-bankruptcy. If you are thinking of filing for bankruptcy, you are probably behind on many payments and may have judgments against you. After bankruptcy, these debts will be cleared as well as any judgments. Of course, bankruptcy will remain on your credit report for a number of years, but there are steps you can take in order to start rebuilding your credit.
- Secured credit card: A secured card means you give the bank money to hold and they give you a matching credit card in return. Watch out for upfront fees with these cards, and make sure the bank reports the card to all three major credit bureaus (Experian, Equifax, and TransUnion).
- Unsecured credit card: After filing for bankruptcy, you may receive many credit card offers in the mail. Again, watch out for upfront fees and make sure the bank reports the card to the major bureaus. Pay off your balance each month and request a credit increase every 12 months.
- Secured or unsecured loans. If you are able to apply for a loan after your debts are discharged, the procedure is the same as applying for a secured or unsecured card.
- Retail and gas cards. Establish credit by opening cards at places where you usually pay cash. Pay off your balance each month.
Call us toll-free today at 1-800-260-1402 for your complimentary initial bankruptcy consultation or visit one of our 100 offices across the United States. You can also read our many informative articles on our website, www.maceybankruptcylaw.com. For the best advice on filing for Chapter 7 or Chapter 13 bankruptcy protection, trust the experienced and caring attorneys at Jacoby & Meyers Bankruptcy Law.