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Tips for rebuilding credit after bankruptcy

For many residents of Florida, filing for bankruptcy can be a good way to get a fresh financial start, but when you file, you need to do so while understanding that your credit score will typically take a hit in the aftermath. At Blanton Law, P.A., we understand that rebuilding credit is a common goal for many people who file for bankruptcy, and we have helped many clients facing similar circumstances work to rebuild their credit after filing.

According to Nerdwallet, there are several things you can do to help rebuild credit after bankruptcy, but one of the first steps you should take is to make sure you have at least a small stash of savings tucked aside. Even having, say, a few hundred dollars in an emergency fund can prevent you from having to rely on credit cards, payday loans and the like, which can plunge you even deeper into debt.

Once you have that squared away, you may want to consider getting either a secured loan or a secured credit card. There are two main types of secured loans, and you may be able to obtain one through your local bank or credit union. A secured credit card, on the other hand, requires you to deposit money into an account before using it and can be a good, temporary way to boost your credit score.

Another method of rebuilding your credit after bankruptcy, meanwhile, involves having someone who trusts you cosign on a loan or a credit card. While this can, over time, cause your credit score to rise, it can also potentially hinder the relationship between you if you fail to uphold your end of the agreement. For more about bankruptcy, visit our webpage.

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