Whether you’ve had to go through a bankruptcy process in the past or you’re simply hounded by poor habits when it comes to repaying creditors, chances are good that you’re looking at a fairly dismal credit score. Fortunately, there are some easy steps to help rebuild your credit and get yourself back on track to being creditworthy in the future.
The important thing to remember about rebuilding your credit is that it will take time. This isn’t something you can do in a couple of days, or even a couple weeks. In most cases, rebuilding credit takes, at least, a few years. The first thing you want to do is try to open up a revolving credit account. Depending on your particular situation, especially following a bankruptcy, this could be a bit challenging, and in some cases, you may have to choose a secured credit card.
A secured credit card requires you to provide the balance equal to your credit limit. You then use the card as one would usually do, and pay your bill as usual. Creditors report on your use of this card, just like they would over a regular credit card.
The next thing to remember is to pay your bills on time. If you do have a credit card, you want to make sure that you pay your bill at the due date, or before, every month. A timely payment history can significantly impact your credit score in a positive way.
It is also important to watch your credit balance, especially when it comes to credit cards. What many people don’t realize is that making regular payments isn’t the only thing that can positively affect your credit score. Keeping your credit card balances under 30% of their maximum balance is another excellent way to boost your credit score. In fact, credit card balances that are too high can negate any positives that come from making credit card payments on time.
There are many ways to rebuild your credit, but it’s important to get assistance from an expert. That’s why you may want to schedule a consultation today with a bankruptcy attorney. Your financial situation may not require bankruptcy, or you may have already come through a bankruptcy. Nonetheless, these attorneys can help guide you down the path of rebuilding your credit so your financial future looks much brighter than your financial past.
Visit Stlbankruptcyfirm.com for further details.
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