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Rebuilding Credit After Bankruptcy
One of the things most people are worried about when thinking of filing bankruptcy is how to rebuild their credit history after it is finished. Here are a few ways:

  1. Begin slow. When the bankruptcy case is done, try to get a credit card with a low limit. It’s more important to show you will pay the bill on time and in full, not the amount you can charge. As long as you do this, it will go to the credit agencies and show you are working towards improving your rating.
  2. Be careful not to go overboard: Now that you are on the track to new spending habits, banks may seem eager to give you money. Don’t rush headlong into this, as that can quickly get into a bad situation like the one you may face now.
  3. Ask for lower interest: As your credit history gets better, lenders should be willing to give you lower interest payments. Credit terms are always negotiable and it pays (literally) to call your lenders and try it.
  4. Apply for a car loan: After perhaps a year of making on time payments on a credit card, it’s time to try for a car loan. While the interest rate may be high at first, you can always try to refinance it later on. The important thing is to get this larger loan, and pay it back on time and in full.
  5. Your ultimate goal is to qualify for a mortgage loan: After you have managed to get credit cards and a car loan, it’s time to try for a mortgage. While some lenders may want
    you to wait four years from a bankruptcy, others (like FHA loans) will give mortgages to those who have had a bankruptcy as little as two years ago.

All in all, it doesn’t have to be hard to recover from a bankruptcy, and seeking advice from our qualified lawyers at Zalutsky & Pinski LTD can help you sort it all out. We offer free parking and a free consultation, so why wait? We consider bankruptcy a solution, not a problem. Call us at 312-273-1217 today!

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