If you have filed for chapter 7 bankruptcy, you have the rare chance to start over. This can be a daunting prospect, but it is also an opportunity to make changes to your finances and the way you manage money.
Your first objective should be to familiarize yourself with Experian, Equifax, and TransUnion. These are the three largest providers of credit reports. Obtain a report from each company and verify that they contain the same information and that any debts discharged through bankruptcy have been removed.
As part of your new financial model, you will need to regularly review these reports to ensure nothing is out of the ordinary.
Your next action should be to establish a credit history. Student loans and child support are likely to be among the debts that persist after filing for bankruptcy. You must make it your mission to make these monthly payments on time or early. A strong payment history is beneficial to credit.
Additionally, you should establish a new bank account and work to obtain a credit card. If you still have an active credit card, you should request that the credit card issuer re-age your accounts. This means that they review your payment history and remove any previous leniency, assuming you have paid on time for a number of months. You wish to use only 10% of your available credit moving forward. This will be more effective in restoring your credit score.
Now that you are attempting to rehabilitate your credit, you should create a financial plan. Consider what caused you to accrue so much debt and determine what you can do to prevent it from happening again.
" - https://www.affordablecebu.com/
