law office of Noel Shillito

Moving Beyond Bankruptcy

Reestablish Credit After Bankruptcy

Laurie Shillito - Thursday, August 28, 2014
Often, our customers will worry about having a smooth transition to life after filing for bankruptcy. Many of you wonder whether or not life will be the same. While we can’t promise that all of your problems will disappear, we can give you a few easy tips to make sure your credit builds as fast and strong as possible.

The first thing you should do, if you haven’t already, is to open a checking or savings account and try and save some money. This may be hard at first, but establishing your own savings will help change spending habits of the past.

Second, apply for store and gas cards that would usually be cash expenses. You will become more trustworthy in creditors eyes as you put aside money and pay these of monthly.

The third thing is to pay bill off in full for at least a year. This will again help show you are capable of payment.

Fourth is to try and purchase anything big with a co-signer. This will usually allow you to get some form of credit, as well as build back up your credit score.

Finally, remember to live within your means. Do not unnecessarily increase your debt to income ratio by taking on credit to purchase luxury items that you DO NOT NEED.

These 5 steps should be easy, as the vast majority of people who file for bankruptcy never do so again. For more questions, please contact us.
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Phone:  253.572.4388  |  Fax:  253.572.4497  |  Email:  |  1919 North Pearl St, C-2,  Tacoma, WA  98406