Bankruptcy has become one of the most used legal decisions to financially recover for many families. The stress, anguish, embarassment and the out of control feeling that comes with the process doesn’t make the situation any easier to bear especially when an employer is involved in some way.
The court system is daunting because of the paperwork, the filings, the record keeping and all the while you may began to wonder, “what do I do now?” The entire process must be handled with care and great detail all the while, your hoping to not have to give up everything to the court system.
Rebuilding your credit file should begin right after the bankruptcy is discharged. The longer you wait, the more time you must commit to restoring your credit worthiness. By federal law, a bankruptcy can remain on your credit reports for up to 10 years. It does not have to and you can began building using these 5 Tips to Start Rebuilding Your Credit.
1. Open a new bank account with a credit union preferably.
The reason for this, is because anything old from your bankruptcy attached to an existing bank account will not benefit you. Additionally, you want to start fresh.
2. Open a credit monitoring account to keep a close eye on your credit reports and scores. This service we have found offers some of the greatest protection for credit files as well as personal identifying information. All 3 credit reports from the big 3 credit bureaus included with the scores.
Manage your credit files
3. Check out your credit reports, examine where you are and if your scores are still too low and the old derogatory accounts is still reporting, you need Credit Clean-up. Acquiring new credit will be challenging if there is not enough positive credit history to start fresh. A true fresh start means, cleaning up the old and building new clean credit.
4. 35% of your credit scores are based on positive payment history, therefore whatever you open that requires a credit check, i.e. Cellular phone service, utilities; will reflect on your credit reports and you must start off your new credit life with on-time payments. To begin rebuilding, open a jewelry account where you can get instant credit. This is a small but crucial step to help you began building new accounts that will help boost your credit.
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5. Establish alerts for your new bank account. The purpose of this is to maintain absolute 100% order in when, how, why, what is attached to transactions flowing through your new account. This will go a long way in rebuilding your credit. It’s pretty tough to move forward with strong credit files and scores when there are banking issues arising.
SUPER CREDIT TIP: MINT is a smarter way to maintain control of your money, consider this as an easy way to stay on task
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