Wayne County Credit Restoration Lawyer

How to Restore Credit After Bankruptcy

Before, during and after bankruptcy many people worry about how they will restore their credit. There is a common bankruptcy myth that a person's credit is ruined forever after they file for bankruptcy, this is not true. While bankruptcy does affect credit for a few years, there are ways to help boost your credit in the process. The ways in which bad credit information affects your score depends on how recent the action or information is, how severe it is and what the frequency is. For example, not paying bills or credit card payments on time is bad credit information, the way that affects your credit depends on how recently you failed to pay, the amount you were not paying has a lot to do with the severity and lastly, how frequently were you not paying.

This is the same for bankruptcy, while the severity of bankruptcy is high, the frequency is not. If you are patient, the bankruptcy becomes less and less recent, which means if affects your credit less and less. If your most recent information on your credit report is positive activity, such as paying bills on time, this can help restore your credit. Searching for an attorney for your bankruptcy in Wayne County? If you have questions about your credit and how to repair it, contact a bankruptcy lawyer in Wayne County from Bryant, Logan, Wheeler Law Group, PLC.

Tips to Boost Your Credit

The first piece of advice when trying to restore your credit is to have patience. It takes time to build up your credit, but following some of these helpful tips could speed up the process:

  • You should open a new checking and savings account
  • You should get a secured credit card (similar to a debit card because you pay the bank ahead of time)
  • You should get a gas credit card (necessary expense without a temptation to splurge)
  • Make sure that you pay off your balance every month to fill your recent activity with positive credit information
  • Check the progress of your credit by getting the free copies of your report from all three bureaus (Equifax, Experian, TransUnion)
  • Make sure that you pay your bills on time (avoid late fees and pay ahead of time)
  • If there is any incorrect information on your credit report, dispute it
  • You should figure out a budget for your essentials, so you have a number that you know you must spend each months (This is the time to separate needs from wants)
  • Essentials for many people include housing, food, utilities, communication, transportation, medical expenses
  • Your remaining money after essentials should be used to help rebuild credit (using a credit card for your excess money to purchase things that are not absolutely necessary can help)
  • You should put a small amount into your savings as a cushion in case you need it

These are just some ways that you can help restore your credit after going through bankruptcy. These are just the first steps, if you successfully manage a secured credit card, you could later upgrade to an unsecured card. Just maintain the mentality that you had with the secured card and avoid spending money that you do not have.

Need help restoring your credit after your bankruptcy?

If you have gone through bankruptcy, think of it as a life lesson that you can learn more. You are still able to recover and have good credit after bankruptcy if you take the right steps. Team up with a Wayne County credit restoration attorney from Bryant, Logan, Wheeler Law Group, PLC for help. We are familiar with the ways to help rebuild credit, call our firm today to schedule a free case evaluation!