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Tips to Improve Your Credit Score After Bankruptcy

Declaring bankruptcy can be a massive blow to your financial standing, and may have a serious negative impact on your credit. However, doing so should be a blessing in disguise as you have the ability to rebuild your financial standing and regain your health once again. When you declare bankruptcy, your credit score may suffer, but you can begin to see steady improvement within just a few short months by following these valuable tips.

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Read Your Credit Report

The first step to finding your way out of debt and back to financial health is to know where you stand and make a plan on how to reach your goals. The best way to do this is to review your credit report, which you can get for free online from several places. This can help you identify any errors and get them corrected, allowing you to obtain the best possible starting place.

Get a New Credit Card

Many people close their credit cards during bankruptcy or after having their debt settled to wipe away the financial obligation entirely. While this can help you resolve your debts, it’s actually not good to go without a credit card open. You want to be working to rebuild your score, and you can only do so by making positive actions on your credit report. Consider applying for a low-limit card, such as a secured card that requires a deposit. Start building a new, positive history and your rating will climb.

Make Your Payments… On Time

According to, your payment history is roughly one-third of your credit score. This means even a single late payment can be disastrous while you’re trying to rebuild your credit rating. Make sure you are always on time with the payments for your loans and that new credit card you just obtained in the years immediately following a bankruptcy. Doing so will help your score rise steadily. Failing to do so will cause your score to plummet.

Beware Credit Repair Services

Credit repair services often obtain the information of people who have just declared bankruptcy and begin marketing to them with promises that they can help you restore your credit score. In many cases, these promises don’t hold a lot of weight, or they charge you a fee to handle things you mostly could do on your own. Investigate any options you consider, and remember, you can restore your credit on your own with just a little bit of additional discipline.

Leave Accounts Open

As stated previously, closing all your credit accounts and swearing off credit cards is not advisable. When you don’t have any positive actions on your credit cards, your score stays stagnant. Closing accounts also reduces the amount of credit available to you, which also lowers your credit score. It’s best to keep credit lines open and pay down your balances as you acquire them. If the temptation to spend is too strong, cut up the card. Know your limits and don’t push them; use your credit cards sparingly.

At the Law Office of Simon Goldenberg, PLLC, our number one goal is to help you seek the debt relief you desperately need. We have substantial experience helping clients with their financial woes, and can guide you through the bankruptcy process with confidence and professionalism. We take pride in helping clients develop a long-term plan for financial independence, and we listen to you throughout the process to help you create and follow the best possible plan to achieve your goals. Whether you live in Brooklyn, Queens, Long Island, or any other part of New York City, our offices are easily accessable by train and car.

Our bankruptcy lawyers are ready to help you discharge your debts and get a fresh financial start. Call the Law Office of Simon Goldenberg, PLLC today at 347.389.0245 and request a free initial evaluation to find out if bankruptcy is the right choice for you!