Redwood City Bankruptcy: A Helpful Rebuild Your Credit List

A bankruptcy  can remain a negatively-reported action on credit reports for seven to ten years, but the goal is to have it be the final negative action that can be reported. Surprisingly, rebuilding credit after a bankruptcy can be easy and quick. Here are some of ways to improve credit after bankruptcy:

1.      Credit card companies will most likely send credit card invitations right after your bankruptcy and these offers are generally secured credit (where you deposit money in a bank and can charge only against the amount deposited) and have high interest rates. Despite this, get and keep one of them to use sparingly. Do use it though, but remember to pay it off in full every month as billed to start building good credit.

2.      Keep paying on any secured installment loan that was reaffirmed, like a car. 

3.      Monitor credit report. Watch out for debt that was discharged in the bankruptcy and the new credit attained after the bankruptcy.

4.      Open a checking or savings account. A savings account is free and does not need to show a large balance to provide creditors some assurance. Keep it growing, though, and do not treat it like a checking account.

5.      Pay remaining bills on time, especially utility bills.

6.      Avoid high-interest loans. These include “payday” loans and the like.  Take out a small personal loan, or buy a reliable yet affordable used car – using the credit of a friend or family member as a co-signer – and pay the debt quickly and punctually.

7.      Avoid the traps that started the original bankruptcy. Live on what can be handled and develop a greater reliance on cash transactions.
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