October 26, 2012 /24-7PressRelease/
-- While there is no quick fix to improving a bad credit score, there are steps that savvy consumers can take to improve their credit scores after filing bankruptcy. The first step is to review a copy of the credit report and make sure that any debts previously paid off or discharged in the bankruptcy are correctly indicated as such on the credit report. Otherwise, the amounts will continue to show up as delinquent, keeping the credit score down.
Consumers should also try to establish new credit. At first, it may not be easy to get a traditional credit card, but obtaining a secured card is simple. A secured card requires the consumer to put money in an account that secures the debt charged to the card. Eventually, with timely payments, the consumer's credit score will improve and eventually he will receive offers for unsecured cards.
When new credit accounts are opened, the consumer should make sure that he or she does not carry balances each month. Paying off the entire balance each month will not only help to improve the consumer's credit score, but will also help him or her avoid falling back into the same trap of owing more than he can pay off.
Another way to rebuild credit is to become an authorized user on another person's account. If the consumer can find a family member or friend who will allow him to be listed as an authorized user, the account history for that card will appear in the consumer's credit report, helping to re-establish his credit.
Filing for bankruptcy is never an easy decision, but it may be the best answer for consumers who find themselves overwhelmed by debt. Consumers who are facing financial difficulty should consult an experienced bankruptcy attorney who can advise them on the best solution for their particular financial situation.
Article provided by Sheehan & Associates, P.L.C.
Visit us at http://www.sheehanlawyers.com---
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