On behalf of Law Offices of Mark M. Kratter, LLC on May 21, 2013
Bridgeport, CT Bankruptcy Attorneys Help Clients Rebuild Credit after Bankruptcy
Although filing for bankruptcy has gotten a bad reputation, there is much good that can come of it. One positive aspect in particular is that it allows you to create a better credit score in your immediate future. With the help of the skilled and effective Connecticut debt relief attorneys Mark M. Kratter, you can create a sound financial future for yourself, and your family.
Re-establishing Credit in the state of Connecticut
There are three main areas that should be focused on in order to most quickly rebuild your credit:
- Lengthen your credit history. Since your credit score is lowered or reduced if you file bankruptcy, it is important to obtain new credit as soon as possible after filing, even if you have to get a secured credit card. This allows you to begin establishing solid credit immediately, something that will go a long way toward quickly getting you back on track.
- Make payments each month on credit cards and loans. If you file for bankruptcy, unsecured debts such as credit cards balances will be discharged, so you will be better able to stay current on payments on your new credit cards and obligations. Do not be late on your new payments, and make good choices as to how much you spend each month on credit card purchases.
- Use the correct amount of your available credit. To improve credit, try to keep your credit balance at 10 percent or less of your limit and do not exceed 30 percent. This allows you to rebuild credit in a way that demonstrates your dependability.
How Much Time Until my Credit Score is Improved?
You can typically rebuild credit in about 1 to 2 years after filing bankruptcy. Since you can get a secured or unsecured credit card right away after filing bankruptcy, you should begin to slowly prove your ability to be financially responsible by working to rebuild your credit.
Will My Bankruptcy Stay on My Credit Report for My Whole Life?
No. A bankruptcy filing will be on your credit report for about 10 years. But your credit score will begin the process of improvement immediately as you begin the process of using your credit card wisely, and clearing your debts. Let the top-notch CT bankruptcy attorneys advise you as to how to make a better financial future a reality. Call them at their Bridgeport office today at 203-678-8135.