Posts Tagged: ‘Credit Spending’

8 Tips to Improve Your Credit Score after Bankruptcy

June 29, 2012 Posted by kingcade

Thoroughly examine your credit score post bankruptcy. You want to make sure that creditors know the debt that you were relieved of has been wiped clean from your credit report. The items should have a “BK” notation next to them to show you were relieved of them.

2. Re-examine your credit score several times, because even after your debts are discharged, it may take some time for this to reflect on your credit report.

3. Create a strict budget for yourself. Review your finances several times per week to ensure you are sticking to your budget.

4. Do not avoid applying for new credit; in fact, responsible credit spending is a great way to begin building up your credit score.

5. Set up automatic payments for your cable, Internet and phone bills, so you do not miss your payment due date. Again, watch your finances closely so that you know when money will be coming out of your account.

6. Student loan payments are a top priority. Student loans are not discharged after filing for bankruptcy and paying these timely can be an excellent way to improve your credit score.

7. Pre-paid credit cards can be a great way to improve your credit score if you are having trouble getting approved for a non-secure credit card. Be very cautious of companies that have high annual charges.

8. Defaulted loans are not the only item that impacts your credit score. Having your credit cards to the max will have a negative effect on your score in the same way. Bottom line: Never max out your credit cards.

To read more on this story visit: http://articles.marketwatch.com/2010-08-26/finance/30762498_1_credit-report-filings-credit-rating/2

If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. at www.miamibankruptcy.com.