0

Tips to Rebuild Credit After Bankruptcy

Release Date:24-07-2012

Category: Finance/Credit Repair/Bankruptcy

You Can take control of your financial future even if you have recently gone through bankruptcy!  It is imperative to take control of the credit repair process to your reestablish creditworthiness after bankruptcy!

How do you fix your credit after bankruptcy?  The good news is that it is both possible and a relatively simple process as long as you understand that promises to fix your credit overnight without you having to do  much of anything are empty promises.  You DO have some work ahead of you, but the following pointers will get your bad credit history repair underway quickly and easily.

(City, State, Date)—You have successfully completed the bankruptcy process, and it is time for a fresh start.  Credit-yogi.com is available to offer you the guidance you need to successfully rebuild your credit fast. This is a particularly important period for you, and your financial future depends on your ability to reestablish your creditworthiness.  There are certain steps you must take in order to insure financial stability in the future.

Consider these tips to help you raise your credit scores:

  1. 1.       Open checking and savings accounts. 

You need to have easily confirmable records available that prove you are paying your bills on time.  A checking account designated specifically for that purpose will allow you to designate deposits to maintain your positive balance, and provide proof of timely payment.

  1.  Instead of paying with cash, use safe credit instead.

Using a secured credit card for everyday expenditures can help reestablish your creditworthiness.  Criteria for getting a secured credit card does not depend on your credit score, but is contingent on having deposited a specific dollar amount to cover your credit limit, so that payment is secure, but rather than paying for your purchases in cash, you use your secured credit card instead.  Payments on your credit card are reported to credit agencies, which in turn reestablished a good credit history.

  1. 3.       Sign on as an authorized user on someone else’s account

While you need not ever actually use the card, being attached to an established account in good standing will reflect favorably on your creditworthiness, because every time a payment is made in a timely manner, it will reflect on your credit report as well as the owner’s.

  1. 4.       Establish different types of credit.                                                                                                               A diverse credit report will reflect more favorably than one that just has one or two types of credit.  By getting an installment loan (even if it is small) whether secured by a credit union account, or cosigned by someone else with good credit, and keeping the payments current, you will show that you are credit worthy in different venues, and raise your credit score as a result.
  2. 5.       Recovering From Bankruptcy.                                                                                                             Recovering from bankruptcy is never easy.  Just like dieting, it is not a matter of sticking to a plan for a little while.  It is a matter of learning new financial habits you will use the rest of your life.  While paying off old debts, you must also plan for the future.  Even the federal government calls bankruptcy a chance for a fresh start.

If you do not feel you are up to this task alone, there are fast credit repair services such as the ones at Credit-Yogi that offer the expertise and guidance of professionals who can help you see the big picture and devise a plan you can live with.

Contact Details:

8222 Holland Road

Suite 6604

Prague Nebraska 68050

Website:

http://www.credit-yogi.com