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Improving your credit score after filing bankruptcy in Florida

There are a few key steps bankruptcy filers can take after the filing process is over to improve their credit score and maintain financial freedom.

Those who file bankruptcy in Florida might find that after the process is over, their credit score is much lower than it used to be. This often occurs because during the bankruptcy process, some debts remain unpaid or they are only partially repaid, an occurrence that is viewed by credit scoring models unfavorably. While bankruptcy filers may start out with a poor credit score, there are many steps they can take to improve their credit.

Consider obtaining a secured credit card

People who were prompted to file bankruptcy because of large amounts of credit card debt may be hesitant to apply for a secured credit card. However, those in this situation should rest assured that using a secured card can help them rebuild their credit and improve their credit score. While looking for a secured card to apply for, bankruptcy filers should look for a card with an annual fee of less than $30 and an interest rate around 15 percent.

Know your credit score

Although many people avoid checking their credit score, one of the most important parts of rebuilding credit following bankruptcy involves knowing this score. Those who recently filed bankruptcy should not only be aware of their credit score, but review their credit report for any inaccuracies. Bankruptcy filers should check their credit score and credit report on a regular basis as they work to improve their credit so they are motivated to keep going with their efforts.

Pay off your debts in full every month

As bankruptcy filers continue to reestablish their credit, they should pay off the balance on any credit cards in their possession every month. By doing so, filers prove to their creditors that they are able to manage their debts. Additionally, making payments in full on a monthly basis can have a positive impact on a credit score.

Have patience

Those who filed bankruptcy may be anxious to rebuild their credit score as quickly as possible. However, people in this situation should remember that the process takes time, especially since the Consumer Financial Protection Bureau states that bankruptcy can remain on a person’s credit report for up to a decade.

After filing bankruptcy in Florida, people may feel overwhelmed by establishing good financial habits that benefit their credit score on a long-term basis. Following the filing process, filers should reach out to a lawyer in their area who can provide them with legal guidance and advice.

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