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After Bankruptcy Rebuilding Your Credit

The best way to rebuild credit after bankruptcy is to use credit in the wake bankruptcy. This information is important if you wish to rebuild your credit. It might be the most important bankruptcy tip that you will receive. You have the ability to have a credit score above the 700’s or ever greater with a couple of years filing for bankruptcy.

There is a two-part plan. The first part is opening new lines of credit. Keep in mind, that the bankruptcy will still be on credit report. However, as time goes not, your credit score will improve if you act responsibly in paying your bills. The credit bureaus such as Equifax, Experian, and Transunion look at your current behavior than your past behavior. The entire goal of the bureau is to focus on your current behavior. You can prove to the bureaus that you are using your credit responsibly by establishing new credit. From the bankruptcy filing, you learned to change your habits and using better strategies when using your credit cards. It is best to open up a few credit cards in part of rebuilding your credit after bankruptcy. Also, begin a one installment loan and buy some furniture, appliance, or electronic device. You should pay off the loan within 6 months to show a good credit history.

You want to keep the credit cards active. You should only make incremental charges such as less than 10% of the credit limit. As you know, you must be vigilant of the high interest rates that these credit cards and installment loan can carry. Shop around for the lowest interest rates and put the very minimum on these credits cards and installment loan. It is best to pay off all the balance before it accrues to show a good credit history. You do not want to open up these credits right after bankruptcy, but give it some time. The credit bureau sees it best if accounts are open over a long period of time. As far as your future credit score, it will best to benefit you to open up a few accounts now. By doing this, you are rebuilding your credit where the credit bureau will acknowledge your creditworthiness when it comes for you to request a car or house loan. This will help the interest rates associated with it.

The second part of the plan is to never make a late payment. Do not do this. Never ever make a late payment! As you know, the credit bureaus will look at you with a magnifying lens when you open up credit after bankruptcy. Suppose you are one day late with your credit payment then the credit bureau will believe that you are at your old habits once again. Don’t do this. Make the payment on time and make it your prerogative by rebuilding your credit. It is best to pay all your bills on time, not be a day late. The Soubra Law Firm can help you file a Chapter 7 and Chapter 13 Bankruptcy cases to help people getting rid of debts such as credit card, garnishment, and medical bills. If you need bankruptcy help, please call our firm at 301-219-5038.

As your Frederick Bankruptcy Chapter 7 and Chapter 13 Attorney who debtor requires Bankruptcy protection to rebuild their credit history, the Law Firm is here to serve Frederick, Montgomery, Washington, and Carroll Counties as well as the remaining Maryland area. The Firm would like to be your Bankruptcy Chapter 7 and Chapter 13 Lawyer for those people requiring Bankruptcy protection to rebuild their credit history.

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I was recently involved in an automobile accident which resulted in my car being declared a total loss. In addition, I spent some time receiving medical care. Following an attempt to seek compensation from the responsible party’s insurance company, I realized that I needed to obtain legal help to...


Helped me fight some bogus case that md didn't have jurisdiction over and he's very friendly and approachable oh and did I mention affordable? Best lawyer I've met in a long time!!!!


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