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Top Ten ways to fix your credit AFTER bankruptcy
08/16/20061. Create a budget for yourself each month to avoid financial problems in the future.
2. Apply for a secured card with a bank or credit card company where you deposit cash and charge against it. Also, apply for retail and gas credit cards. Pay the balances off each month
3. Pay your utility bills, rent and any other monthly bills on time each month.
4. Open a checking or savings account. Use the account, but avoid overdrafting the account.
5. Write a letter to each of the three major credit reporting agencies explaining the circumstances that lead to you filing for bankruptcy.
6. Check with each of the three major credit reporting bureaus after your discharge papers arrive to make sure they updated your credit report to show the debts as discharged. Report any errors immediately to the credit bureau.
7. Live within your means. Do not increase your debt by taking on credit to purchase luxury items that you do not need.
8. Pay your reaffirmed, pre-bankruptcy debts (such as your car or your home) on time.
9. Request a signature loan from a bank for a small amount of money. Use the borrowed money to pay the loan back over a period of at least six months, showing timely monthly payments each month.
10. Start saving money in a savings account today. Even if it is only $20.00 per week, the money will add up and can be used to finance a home after your bankruptcy.
Source: Dean D. Paolucci, Attorney at Law
