Bankruptcy filing can change your life and finances. Your credit will immediately take a hit after you file for bankruptcy. However, you can start rebuilding your credit immediately after bankruptcy. You will need to take the following steps.
Monitor Your Credit
You should start looking at your credit immediately after you file for bankruptcy. It is important to remember that bankruptcy can stay on your credit for up to 10 years. However, you can start improving your credit within a few months. You should look at your credit to see what you have to work on. You will also need to monitor it regularly to see the progress that you are making.
Get a Secured Credit Card
You probably won’t be able to get an unsecured credit card for a while. However, you will likely be able to get a secured credit card. You will have to make a deposit before you use a secured credit card. Your credit limit will likely be equal to the amount that you deposit. For example, if you make a $1,000 deposit, then this will be your credit limit.
A secured credit card is not a risk to the credit card company because they will already have the money up front. This will also give you the opportunity to rebuild your credit after bankruptcy filing. You get positive reports sent to your credit every time that you make a payment.
Learn From Your Past Mistakes
There is no reason to feel bad about filing for bankruptcy. It is a decision that millions of people have to make. However, it is important for you to learn from your past mistakes. You don’t want to have to go through this again. Take control of your spending and stick to a budget.
Get a Credit Builder Loan
You can get a credit builder loan after filing for bankruptcy. It is a secured loan. You will make a deposit every month that will be placed in a savings account. The term will typically last 12 to 24 months. You will be able to take the money out and use it for anything that you like after the term is over.
The interest rate will typically be lower than that of a traditional loan. You will get positive credit reports every month.
It isn’t easy to rebuild credit after bankruptcy. However, you can do it by taking several steps. If you are interested in filing for bankruptcy, then you will need the right bankruptcy lawyer. You will need to contact Fair Free Legal Services if you are interested in filing for bankruptcy.
Fair Fee Legal Services
8665 South Eastern Avenue, Suite 101 Las Vegas, NV 89123