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Rebuilding Your Credit After Declaring Bankruptcy

The relief an individual experiences shortly after his bankruptcy has been approved and his debts discharged is sometimes replaced by a feeling of financial uncertainty as he realizes his credit score has been hit hard. Rebuilding your credit score after declaring bankruptcy is not difficult, so long as you are patient and disciplined. At Cutler & Associates, we will walk you through this entire process so that you will never need to stress once your debt has been cleared.

However, here are some steps to be aware of throughout the process:

1. Get a secured card.

Even if opening a new credit card account is the last thing you want to do after filing for bankruptcy, it is the surest way to start rebuilding your credit. Start with a secured, pre-paid card to help you resist the temptation to splurge.

 

2. Open an emergency savings account.

As soon as you have saved up $500, deposit it into a savings account that you designate as a rainy day fund.  Add to this account as you wish, but do not take from it unless you need it to cover bare essentials such as food, medical care, or shelter. 

 

3. Take out a small, manageable loan.

After you have been free of debt for a year or so, consider applying for a small personal loan or a car loan. A bankruptcy attorney or other financial expert will tell you that having variety on your credit report is one of the most crucial factors in improving your credit score.

 

4. Apply for an unsecured credit card.

After you have used a secured credit card for a couple of years, try to qualify for an unsecured credit card that will really help your credit score flourish.

 

5. Exercise patience.

Think about the advice your bankruptcy attorney gave you while you were filing for bankruptcy: Rebuilding your credit score takes time. Be patient, be financially responsible, and focus your efforts on diligently improving your credit score.

 

If you are looking for legal assistance from an experienced bankruptcy attorney in Chicago or its suburbs, then contact Cutler and Associates, Ltd. today.  Call (847) 849-1834 to learn how our caring bankruptcy lawyers can help you towards financial freedom!

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