While it lifts your financial burdens, filing for bankruptcy has long-term consequences. A Chapter 13 filing will remain on your credit report for seven years, and a Chapter 7 will remain for 10 years. During that period, it’s crucial to improve your credit standing so you can rebuild your finances. Follow the tips below for a stronger credit score.

3 Ways to Boost Your Credit Score After Filing for Bankruptcy

1. Create a Budget & Save Money

Creating a budget helps you see and control your cash flow. Some apps make it easy to keep track of funds and eliminate unnecessary spending. Establishing a savings account at a credit union or bank and making regular deposits to it as part of your budget will provide evidence of your credit worthiness.      

2. Pay Bills on Time

Pay all your bills on time, such as mortgage or rent, utilities, and student loans. If your landlord is not reporting your rent payments to a major credit bureaus, ask them to do it. In addition, some agencies, such as Experian®, offer free services that give you credit for phone and utility bill payments and help boost your score.

3. Apply for a Secured Credit Card

Obtaining a secured credit card is a temporary method of improving your credit rating for a traditional credit card. Look for a secured card with low fees, starting with the credit union or bank where you have a checking or savings account.

Make small purchases, pay the balance in full each month, and confirm that the transactions are reported to the credit bureaus. Within 12 months, your score should be high enough to qualify for an unsecured credit card.     

If you are considering filing for bankruptcy, turn to Greene Law PC in Farmington, CT. Drawing on extensive bankruptcy attorney experience, they are ready to guide you through the pre-filing requirements and planning, ensure you complete the court documents and procedures successfully, and prepare you for establishing a firm financial footing afterward. To get in touch with a skilled and compassionate debt relief attorney, call (860) 676-1336 or visit the law firm online for more information.