Tips for Repairing Credit
The first step towards repairing credit after bankruptcy, is shrugging of the nonchalant attitude. Hopefully, you must have already done that, if you've reached this page. Understand, that credit money or credits cards are that form of money, that are not yours, were never yours and will never be yours.
So, you don't have the right to use them in any way. To explain this better, thanks to all the credit cards and the interest on them, that you've reached the bankruptcy condition.
A lawyer will safely guide you through the turbulence, as he knows all the credit laws and is capable of offering a bankruptcy advice. If you are doing it yourself, then get yourself a trustworthy guide.
Another option is to subscribe to the best debt management program to deal with bankruptcy. Commit yourself to come clean out of this mess and begin with an open mind. Get the details of the fees charged by the attorneys or look up for any online tool to use. Act in the most co-operative manner while dealing with creditors and other associates.
Tip # 2
Get all the 3 copies of your credit records, from all three credit bureaus, namely Experian, Equifax, and Transunion. Study them in detail, and make a note of all the errors and omissions. Send the copy of these errors and omissions to your creditors and also the references of good credit, which were left out.
File a complaint with the FTC or Federal Trade Commission under Fair Credit Reporting Act. If you can't analyze the credit copies then, get in touch with bankruptcy assistance or a bankruptcy counselor.
Overnight miracles are rare, so it will take about 6-8 months to repair the state of your credit. If you have a feasible plan in mind, apply for a low limit credit card, or a secured credit card.
Bad credits scores and bankruptcy can occur due to loss of job or plenty of outstanding bills. Whatever be the case, horrible credit scores are never advisable. Now that you are following the tips, give yourself a budget, within which you must manage your finances.
Whenever, you go out shopping, buy in bulk, so that you get a wholesale discount. Recycle and reuse the old items in your house, which will curb the need of going out and buying. Make your payments on time, which will reduce the additional burden of paying late fees or applicable interest.
Cash is your hard-earned money, with a right to spend it. Use it instead of credit cards. It is crucial that you learn to prioritize your needs. Wants and demands are always higher than resources. Reconciling the two is the art to optimize your wealth. Plan your expenses to avoid begging, borrowing, and worrying!