How to Improving Your Credit After Bankruptcy
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I have several readers that wanted more information on how to bounce back from bankruptcy. Well, here is that information. Enjoy.
It is important to remember that not all bankruptcies occur due to overspending some occur due to illness or unforeseen job loss.
Unfortunately, the individuals who more often than not that are filing bankruptcy are single parents. It is very easy for the expenses of raising a family alone on one income can become daunting to say the least.
Another unfortunate dilemma is that by law a bankruptcy remains on your credit for seven to ten years.
There are tips to improve your financial future after a bankruptcy:
- Create and stick to a budget
- Pay your alternative or trade line credit on time. Examples of alternate or trade line credit is:
- utility bills
- cell phone bills
- rent
- Check your credit once a year. It is free. Make sure all bills that were under the bankruptcy are reflected as paid in full.
- Get secured credit cards that report to the credit bureaus. Pay more than the minimum each month on these cards and do not spend more than you can afford to pay back by the end of the month.
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