Sacramento Bankruptcy: What can you do to Rebuild Your Credit?

The first step towards getting the fresh start which the law entitles you is to contact Sagaria Law.  But Sagaria also helps its clients to make good decisions after the bankruptcy filing so that clients can act with financial sustainability.  Here are some of our suggestions we have shared with clients:
1.  Store and gas credit cards help to rebuild credit.  Rather than paying cash, apply for these credit cards, but beware the credit card trap!
2.  Secured credit cards allow you to deposit cash and then charge against a balance, similar to a debit card.  Paying back the amount you withdraw from your secure card within two months results in positive marks on your credit report.
3.  Checking and savings accounts show lenders that you are financially responsible.
4.  Rent and utilities should be paid on time for at least a year.
5.  Arrange for a loan with a friend or relative cosigning and pay it back on time to build credit responsibly.
6.  Often “bankruptcy friendly” mortgage brokers or car dealers can assist you to make purchases on credit for these vital needs.
7.  Buying a used car can saves you the depreciation in value which is significant in the first two years of a car purchase.
8.  Avoid payday loans, which are one of the worst “bad credit traps.”
9.  Writing a letter to all three credit reporting agencies explaining the circumstances leading to your bankruptcy can help.
10.  Make a budget which allows you to live within your means.
11.  Don’t purchase luxury items on credit thereby unnecessarily worsening your debt to income ratio.  Consumer debt payments shouldn’t exceed 20% of disposable income after accounting for your home and vehicle.
12.  Pay reaffirmed, pre-bankruptcy debt payments in full and on time.

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