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Rebuilding Your Credit After Filing For Bankruptcy

Individuals who are considering filing for bankruptcy are often concerned that doing so will ruin their credit. While not everyone who files for bankruptcy sees a dip in their credit score, others definitely do. Bankruptcies can remain on your credit report for up to 10 years and can have a devastating impact on your credit. However, Bankrate.com notes that there are a number of strategies you can implement in order to improve your post-bankruptcy credit score and become credit worthy again. Some of these strategies include:

  • Take a Reality Check: It is important to take an honest look at reasons why you were forced to file for bankruptcy in the first place. Doing so is an important step because it allows you to determine what went wrong and enables you to avoid the same missteps in the future. It may even be worthwhile to consult with a financial planner in order suss out the source of your financial problems.
  • Check Your Credit Reports: After your bankruptcy is discharged be sure to check that your post-bankruptcy credit report is accurate. This involves making sure that lenders are not updating your account every month and checking to make sure that the debts that were discharged via bankruptcy are being accurately reported as such.
  • Obtain a Secured Credit Card: One good way to help rebuild your credit is to obtain a secured credit card. By using a credit card that is secured you will be able to establish a positive payment history and slowly rebuild your credit.
  • Get Multiple Credit Lines: You can also boost your credit score by having more than one type of credit line open. However, you must be careful not to incur an unmanageable amount of debt via your various credit lines and to keep your balances low in order for this strategy to help improve your credit score.

Our Firm is Committed to Helping Our Clients Regain Good Credit

While you may experience a temporary lowering of your credit score following a bankruptcy action, the Noyes Law Office, P.C. is here to help. Because we are committed to helping our bankruptcy clients regain good credit we offer an associated program “7 Steps to 720”, at no additional charge, in order to help bring our clients’ post-bankruptcy credit scores back up to a 720 or better. Restoring your credit score after filing for bankruptcy is very important to your future financial health and should not be overlooked.

Need Legal Advice?

If you’re considering filing for bankruptcy and would like to discuss the ramifications of doing so feel free to contact the Noyes Law Office, P.C. today. Our experienced bankruptcy attorneys would be happy to sit down with you during a free no obligation consultation to discuss your legal options. Our firm serves clients in Southeast Iowa from our Fairfield office which can be reached by calling (800) 875-7148 or via our online contact form.

Resource:

bankrate.com/finance/financial-literacy/your-post-bankruptcy-credit-score-1.aspx

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