12 Apr How to Repair Your Credit After Bankruptcy
Bankruptcy may be a frustrating situation, but it also gives the opportunity to restart your financial habits for a better future. One of the most asked questions, is how to build credit after bankruptcy. As you’re about to read, in this article, Baby Boomers Financial gathered for you few ways that can help you to repair your credit after bankruptcy. Check them out.
How to Repair Your Credit After Bankruptcy
Is the Bankruptcy Properly Listed in Your Credit Report?
Many people prefer not to have their bankruptcy listed in their credit report, but this is actually not right. Think it this way, if you remove the bankruptcy listing, then instead all your unpaid balances will take its place, which is obviously worse. You need to make sure that your credit report states clearly the bankruptcy, and that all the discharged accounts are listed with zero balance.
Avoid Late Payments
Next step in order to build your credit after bankruptcy, is to keep or start being responsible with your due dates. Some of your previous accounts may not be discharged after your filing, so you are obliged to pay back the remaining balance. On time payments will show to creditors that even though you went bankrupt, you are eager and responsible to start again, and do it the right way.
Apply for New Credit
It may be hard, but it’s not impossible. In order to get back to your feet, you need a new credit account to help you make it through, as well as to build a new credit behavior. You just need to find creditors willing to work with debtors like you. One thing to remember though, is to apply for new credit accounts sparingly and not all together. Anything other than that, will show a desperate debtor, something that no creditor wants to see in order to approve your application.
Keep Your Head High and Your Balances Low
Let’s say that your credit card application has passed, and you are eligible to its benefits. Make sure to maintain a low balance to your new accounts, as this is the main factor of maintaining a decent credit score. And this is exactly what you need when you’re trying to re-construct your credit after bankruptcy.
If you find yourself in need of professional need to either repair your credit after bankruptcy, or to effectively correct or remove negative items from your credit report, we can help! Baby Boomers Financial is a reputable credit repair company that can help you to achieve your financial freedom. Just give us a call and don’t hesitate to ask for more information, or even apply for a free credit review from us. We’ll be glad to help.