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6 Tips to Increase Your Credit Score After Filing Bankruptcy

January 23rd, 2017 Posted by Bankruptcy

Filing for bankruptcy is an important decision, and the Washington Law Center wants to make sure that the type of bankruptcy protection that you choose is the right one for you. Here are 6 tips to increasing your credit score after you obtain your bankruptcy discharge:

1.  Apply for 1 to 3 secured credit cards. I recommend getting a card that will allow you to put as high a deposit as possible. Why?  The disposable balance the credit card will report to the credit bureaus will be the same as your deposit. So, if you put down a $3,000 deposit, your credit report will show that you have access to $3,000 and that will significantly pump up your score, as a low balance-to-maximum ratio is favorable.

2.  Once you get the secured credit cards, only use them for small items such as gas. Also, pay off the small balance each month. The initial credit increase I mentioned previously will go away if you start to carry a balance.

3.  What are some good secured credit cards to use? I look for two things. First, I want a card that will allow me to put down the largest deposit I can. A card with only a $200 deposit will not help you as much as one where you can deposit $5,000. Amalgamated Bank of Chicago will allow as much as a $10,000 deposit. Capital One will allow $2,500-$5,000. Second, I want to make sure the credit card I use reports to all 3 major credit bureaus. The cards above report to all 3.

4.  Monitor your credit report every six (6) months. Make sure all items that have been discharged in the bankruptcy are deleted. In addition, carefully monitor your report to make sure there are no other mistakes.

5.  When disputing items on your credit report, I recommend doing it in writing rather than their online service. In my experience, letters have to be dealt with by a processor and they have to manually input the information, which helps your case. Make sure you provide: your name, social security number, address, date of birth, and each account you are disputing. I also recommend certified mail.

6.  If you attempt to settle a debt on your report that is not discharged in bankruptcy, try your best to negotiate that the entire item be removed from your report in exchange for paying it in full or close to full payment. Settling a debt that still remains on your credit report usually does not help your score. In fact, sometimes it can even lower it. If it is removed, you should see a significant increase.

Contact Washington Law Center for a Free Bankruptcy Consultation

The experienced bankruptcy attorneys at Washington Law Center are ready to help those who are burdened by debt. Fill out the free case evaluation form on the right of this page and someone from our firm will reach out to you. If you are tired of feeling anxiety every time the phone rings, or get nervous every time the mail comes, give us a call. We’ll set up a free consultation in our office, and go over your income, assets, debts, expenses, and financial affairs for the last couple of years. There is a solution for just about every financial situation, and we’re here to help.

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