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Rebuilding Your Credit Score Post-Bankruptcy

Posted on in Bankruptcy Attorney Illinois

A bankruptcy is like a fresh start for someone who is buried in debt and filing for bankruptcy can have a major impression on your life and credit score. Taking some small steps post-bankruptcy can help to allow you to rebuild your credit and establish good habits for the future.

The first step is to make a budget. Today, there are budgeting tools available through computer programs, websites, and even mobile applications. Manual programs like “You Need a Budget” might involve more of your time to input bill payments, but there are also automated options that sync directly to your bank account. Getting a better picture of your finances can help keep you on track.

Although it might seem counterintuitive at first, eventually you'll want to get a credit card. This is a great way to re-establish good credit, but you want to tread carefully when making your selection. It's important that you do use the card, but also that you are able to pay it off each month. Perhaps use the credit card for one unchanging expense (like a car insurance payment) every month and use a calendar reminder to go in there and pay the credit card balance immediately after your payment clears. This shows that you have reformed your ways and are capable of using credit responsibly. Once you have obtained a card, work hard to build a long-term relationship with that company. This all goes to help improve your track record with your credit score.

Be wary of anyone who promises that they can “fix” your credit post-bankruptcy. Improving your credit can take some serious time and effort on your part, but it can be done. Make sure you take advantage of free yearly credit reports so that you can monitor what's out there and report any mistakes. If you think bankruptcy could clear the path for you to rebuild a better financial future, contact an Arlington Heights bankruptcy attorney today.

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