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Rebuilding Your Credit after Filing for Bankruptcy
How to Recover Your Finances after Filing for Bankruptcy
When you file for bankruptcy, it will be listed on your credit score for up to ten years. Your credit score will remain low until you start to rebuild your credit.
Rebuilding your credit score after filing takes time and diligence. Taking out credit is the best and easiest way to do so. After filing for bankruptcy, it may seem impossible to get a line of credit ever again. There are easy and safe ways to apply for credit but we must stress that payments should always made every month and on-time.
Pay Off Existing Debt
The most important thing to do before you begin your rebuild your credit is paying off existing bills. Set-up automatic bill payments and pay your rent on time as rent payments are also tracked by creditors.
Setting up a realistic budget for yourself is the best step you can take to ensure you do not fall victim to debt once again.
Secure Card
A secured card is the best option for those who are not approved for an unsecured card. The difference between the two is that a secured card requires a cash deposit beforehand. The cash will serve as a credit line for the account. Your payment history will be given to credit reporting agencies by the credit card issuers. Over time, your credit will improve if you make payments on time and keep your balances low.
Retail Card
Department stores that offer credit cards tend to have more lacked credit requirements. Even with bankruptcy, you may still qualify for a credit card. They also have a higher interest rate, so be sure to make your payment every month.
Debt Consolidation in Sacramento
Many let their shame of filing for bankruptcy as a reason to not move forward. It is vital to let that go in order to not only rebuild your credit and your lives. For assistance with your bankruptcy needs, look to Liviakis Law Firm. We will help you navigate your bankruptcy and aid you in rebuilding your debt. For a free consultation, contact our office at (916)459-2364.
Remember to come back to our blog page for more information about how to navigate your bankruptcy.