There’s a lot of doom and gloom surrounding bankruptcy, but in reality, bankruptcy is a solution to a problem, not a problem in and of itself. If you’ve filed for bankruptcy, there’s still hope for your credit being repaired in the future; you just need the right plan to get back on track.
A qualified Lousisana bankruptcy lawyer can certainly go a long way in providing you with reliable advice, but there are other methods you can pursue to repair your credit. Remember, it can take up to a decade in some instances to restore your credit back to your pre-bankruptcy status, but with these tips in mind, you have the ability to start advancing the credit repair process.
Keep an Eye on Your Credit
In the past, you may have been apathetic or paid little attention to your credit reports. A lot of reliable services on the internet allow for free real-time credit reports that update automatically whenever there’s a change to your credit, good or bad. It may be hard to review them sometimes, but long-term, knowing where you stand overall in terms of your credit score gives you a better idea of whether you’re building toward credit amelioration or heading deeper into debt.
Apply for a Secured Credit Card
Secured credit cards have the same rate of interest and are more likely to be available for folks with lower credit scores. While they may be more accessible to holders with lower credit scores, there’s still no guarantee you’ll get approved for one. Most available secured cards will have higher interest rates and fees to offset the perceived risk from the perspective of lenders.
Apply for Retail Cards
Retail cards are typically the next progression of credit building once you have a secured credit card to use. Similar to secured cards, retail cards also carry higher-than-average interest rates, which means it’s advisable to pay off your end-of-period balances in full. It’s also a good idea to ensure that payments are made early or on the due date, as late payments can greatly harm your score long-term.
Apply for Secured Loans and Diversify Credit
It’s usually advisable to only apply for loans when you need them, but with post-bankruptcy credit, showing prospective creditors that you did whatever you could to rebuild your scores will go a long way in repairing it. Rather than simply sticking to charge cards, loans require a greater level of stringent vetting to receive; therefore, it can go a long way in acquiring an improved credit score.
Although these are all great ways to repair your credit, a Louisiana bankruptcy could be your best option for seeking an immediate solution to your credit woes.
Rebuilding Credit Starts With a Louisiana Bankruptcy Lawyer
Bankruptcy isn’t always easy, but we can help make it easier. Whether you’ve already filed or are looking to file, let us give you peace of mind when it comes to your bankruptcy needs. It’s time to reach out to the Louisiana bankruptcy attorneys at the Law Offices of E. Orum Young. We’ve helped our clients overcome debt and work through bankruptcy for 35 years and counting. Our lawyers have completed the most bankruptcies in Northeast Louisiana. Let us fight for the compensation you and your loved ones deserve.
It all starts with a free consultation and case review with one of our qualified accident attorneys. Give us a call 24/7 at (318) 814-9352 or complete our online contact form.