Building your credit after bankruptcy.
After completing a bankruptcy, you will probably seek to redo your credit. Your credit rating will have been affected, but it will only be temporary if you follow the advice described in this guide.
Here are 10 tips that will help you restore your credit after a bankruptcy:
1. Open a savings account.
Even if your credit rating is not good, you have the right to open a bank account to put your savings. Your savings will provide you with financial stability and the ability to cope with unexpected expenses.
2. Make regular deposits into your savings account.
Automatically deposit a percentage of your pay into your savings account. This money will be useful when you apply for a loan.
3. Ask your banker for advice.
Talk to your banker and inform him of your intention to rebuild your credit. He can give you personalized advice and more information.
4. Pay your rent 3 days before the due date.
These 3 days in advance will ensure the cashing of your check and will help you avoid delays. This will impress your owner who can then provide you with excellent references.
5. Apply for a secured credit card.
This type of credit card is one of the best tools to restore your credit. Each monthly payment will appear on your credit report. Since a Guaranteed Amount protects you against a short balance, you will be assured of not missing any payments.
6. Check your credit report.
Correspond with the credit bureaus to obtain your credit report. Examine it carefully and make sure it contains no errors or inaccurate data.
7. Pay your bills on time.
Make sure you do not have a delay on your telephone, electricity, cable, and other bills.
8. Keep the balance of your credit card down.
A high balance on your credit card has a bad impact on your credit report.
9. Pay in full your credit card balance.
Make your payment as soon as possible and pay the full balance.
10. Get only one credit card.
You only need one credit card, no more. Avoid over-indebtedness and above all absolutely avoid paying the balance of one credit card with another.