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creditRebuildIt’s no secret that declaring bankruptcy will negatively and significantly affect your credit score.  This can make it much harder to receive loan approval or a line of credit, or you may be approved but with exorbitantly high rates.  However, just because you’re facing tough financial times, it doesn’t mean you can’t begin to make repairs.

Start off by checking your credit report to ensure that there are absolutely no mistakes and then continue to check it every six months.  You’ll eventually begin to notice as bankruptcy items drop off and if they don’t, then take the proper steps to rectify any mistakes by contacting the credit company in writing via certified mail.

Consider applying for secured credit cards as these are intended to assist in rebuilding your credit.  Unlike a traditional credit card, secured cards require making a deposit and are used like debit cards.  Therefore, the more money you can put down will translate to a higher line of credit, gradually boosting your credit score.  Always remember to use these credit cards wisely.

The last thing you want to do when emerging from bankruptcy is to fall back into your old habits that may have played a role in having to declare bankruptcy.  Use your credit cards sparingly to build your credit.  If you can’t pay off the full balance of your credit card at the end of the month, then don’t use the card.

These financial tips are provided to you by Fort Lauderdale bankruptcy attorney Bigge & Rodriguez, P.A.  If you need a Fort Lauderdale bankruptcy lawyer or have questions about Chapter 7 or 13 bankruptcy, call 954.400.7322 to speak with us.  We also specialize in foreclosure defense.