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Los Angeles Bankruptcy Lawyers / Sherman Oaks Rebuilding Credit Lawyer

Sherman Oaks Rebuilding Credit Lawyers

Rebuilding credit after bankruptcy is much easier said than done. After all, where do you start? Simply “sticking to a budget” is good advice, but this alone will hardly rebuild your credit to what it once was. Many people find it impossible to build their credit back up to the level they had before, making it difficult or impossible to qualify for car loans, business loans, or home mortgages that are at an affordable interest rate. By working with a bankruptcy and credit building lawyer, you can shave years off of the long-term process of rebuilding your credit. And, if you have not yet filed for bankruptcy and are seeking debt relief, an attorney can help you with every step of the bankruptcy process, and advise you on what type (usually Chapter 7 or Chapter 13) is in your best interest. The Sherman Oaks credit lawyers at Wadhwani & Shanfeld can help you rebuild your credit starting today.

Six Tips to Rebuild Your Credit After Filing for Bankruptcy

  1. Keep Your Current Job—Either keep your current job or get a new job and stick with it. While job hopping does not directly impact your credit score, it can sway a lender one way or the other when they are analyzing your application. Applicants with a steady income and a long-term job are more likely to get a loan.
  2. Continue Paying Existing Loans and Credit Cards—Rebuilding your credit requires on time payments of your current, existing loans and credit card statements. This is the single best way to improve your credit following a bankruptcy.
  3. Apply for Additional Credit—While it may seem counterintuitive, applying for additional loans and credit cards is one way to improve your credit score. This may take some time, as lenders are wary of borrowers who have recently filed for bankruptcy, but it will pay off in the end.
  4. Stick to a Budget—In order to make loan and credit card payments on time, you need to stick to a budget. This means tracking your monthly expenses and cutting down on certain expenditures that you can do without. Sticking to a budget also requires building an emergency fund to pay for unexpected costs, such as a new roof, fixing your vehicle, or medical expenses.
  5. Become an Authorized User on Another Person’s Account—If possible, it is in your credit score’s best interest to become an authorized user on someone else’s credit card. You will benefit from their account history and on-time payments, and your bankruptcy history will not negatively impact their credit score.
  6. Keep an Eye on Your Credit Score and Credit Report—By Regularly checking your credit reports and score, you ensure that the reporting agencies do not make errors that will negatively impact your score as you attempt to rebuild your credit.

Call a Sherman Oaks Credit Rebuilding Attorney Today

Your credit impacts your ability to pay for a new home, education, a vehicle, and to start a new business. Do not let your past mistakes dictate your future. For help rebuilding your credit after bankruptcy, reach out to the Sherman Oaks debt relief lawyers as Wadhwani & Shanfeld today at 899-996-9932 to schedule a free consultation.

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