Rebuilding Your Credit After Bankruptcy
One of the most common concerns individuals who are considering bankruptcy or are in the process of filing for bankruptcy has is how he/she will be able to rebuild his/her credit after the proceedings have concluded.
Fortunately, establishing a good credit history after bankruptcy in not only attainable, it can be done following a few vital steps:
- Get on the opt-out lists. By opting out of receiving mail-in credit card applications and loan offers, you are not only eliminating annoying junk mail from your mailbox, you are safeguarding yourself from identity theft. Often individuals receive more credit card applications following bankruptcy proceedings because the filings are public records that credit card companies regularly review.
- Limit the amount of credit cards you have. While it may be tempting to obtain credit cards after your bankruptcy, be cautious. Applying and maintaining a few credit cards is a good way to establish creditors' trust and show that you are capable of maintaining them. Just be mindful of how many cards you can actually afford to have and keeping current with the payments.
- Pay your bills on time. Paying every one of your bills on time is crucial in rebuilding your credit. By paying them in a diligent and timely fashion, you are showing your credit card companies and bank that you are capable of handling your finances, helping gain back that trust. This ultimately puts you in a better financial situation with your lenders.
- Check your credit score. It is not necessary to check your credit multiple times after bankruptcy to keep track of your score. Instead, wait until approximately four months after you bankruptcy proceedings have concluded and then request a tri-bureau credit report. It is important that you wait for a period of time before you get your credit report, that way you can have a more accurate reading of what your score is like and how your efforts to rebuild your credit are working.
When you contact our office for a free consultations, Washington bankruptcy lawyer William F. Bulchis will address your specific questions regarding rebuilding your credit after filing for bankruptcy, plus any other inquiries on how Chapter 7 or Chapter 13 bankruptcy can help you.
Contact William F. Bulchis Today
Are you wondering how you can rebuild your credit after bankruptcy? Call Lynnwood rebuild your credit attorney William F. Bulchis, Inc., P.S., today at 425-329-6587, or contact us online. We represent clients in western Washington who need assistance with Chapter 7 and 13 bankruptcy. Let us help you get a fresh financial start. Our business hours are 8 a.m. to 6 p.m. Monday through Friday.
