Roseville Bankruptcy: Tips to Rebuild Your Credit

Roseville residents often ask Sagaria Law attorneys for tips after they have filed bankruptcy to avoid getting back into the same problems.  Here are tips to get you acting money-smart:
1)  Open a checking and savings account.  Lenders expect these accounts as a sign of responsible financial decisions.
2)  Store and gas cards.  If you would normally pay cash, you can rebuild credit by instead paying with these cards.  Take care to maintain your payments to avoid the credit card trap.
3) Secured credit cards.  Secured credit cards allow you to deposit money and then charge against it like a debit card.  If you then pay back these “advances,” you will earn positive entries on your credit report.
4) Pay rent and utilities on time for at least a year.
5) Get a loan wit ha cosigner.  Paying it back on time will mean you cost your friend or family nothing while rebuilding your credit.
6) Shop around for “bankruptcy friendly” lenders.  Many car dealers and mortgage brokers offer special programs to post-bankruptcy consumers.  Buy a used car instead of a new one to avoid the majority of depreciation which occurs primarily in the first two years.
7) Avoid payday loans.  These loans have astronomical interest rates and are one of the most egregious “bad credit” traps.
8) Send a letter to each credit reporting agency and explain the reasons for your bankruptcy.
9) Don’t spend more than you earn.  Particularly, do not worsen your debt-income ratio by buying non-essential and luxury items on credit.  A good rule of thumb is that no more than 20% of disposable income (income minus housing, vehicle, and taxes) should be spent on consumer debt.
10) Pay all reaffirmed debts on time.

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