1. Get a copy of your FICO score: Check the report and bring any anomaly to the notice of officials. It can take up to six-months to get the mistake rectified.
2. Plan your income and expenditure: The next job is look at the causes of your bankruptcy. You can plan your income and expenditure and you need to look at you and your family s budget in detail.
3. Pay bills on time: The delay in payment may cause a severe setback in your credit rating.
4. Pay off loans: Some loans such as education ones are not covered under bankruptcy so if you are still paying them, pay them regularly. If possible pay higher than the minimum amount due so that it will add some points to your credit score.
5. Put some money in a savings account: You need to open a savings and checking account with a bank and need to pay in a small amount of money every month. This will help in improving your credit rating. 6. Use credit cards judiciously: Never delay payment. It s better if you hold off on borrowing from your credit cards, as it will allow you to get a lower outstanding debt and thus a higher credit rating. If this isn t possible use it sparingly and pay the due amount on time. It s better to have a limited number of cards, but do not quickly increase, or decrease, the number you have. That will affect your score.
7. Do not take out any loans: Some financial institutions offer special loans after bankruptcy and charge high interest rates. Such financiers only add to your troubles.
8. Visit consumer credit counsellors: After bankruptcy, you need to know the art of managing your resources so that you are not trapped again. In such situations, credit counsellors can help. They are professionals having plenty of experience in dealing with similar problems and you will also find their advice useful.
T. O Donnell http://www.ttbankruptcy.co.uk is a licenced credit broker based in London, UK.
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