Credit Repair Minnesota – Tips for Rebuilding After Bankruptcy
Credit Repair Tips for Minnesota
Without a doubt, the major casualty after the declaration of bankruptcy is the credit score. While it is a known fact that a bankruptcy will remain in your credit report for ten years, its impact can be negated over time. You can help remove the power of this negative information by putting something positive. Here is how.
The Basics of Credit Repair
At this point in time, the lenders will like to know whether you have enough income to sustain your current obligations and have a few left over. The rule of thumb is a lighter debt burden can make you a more promising borrower. To do this you will need to create a budget if you have not already done so. If the pre-discharge credit counseling has already equipped you with the knowledge to do so you can begin immediately. If not, there are a number of credit counseling agencies available that are more than capable to help you with your credit repair counseling.
Setup an Emergency Cash Fund
Research shows that by having as little as $250 bucks in savings for unexpected expenses can protect people from having to resort to credit card debt or payday loans that can contribute to another spiraling out of control of finances.
Assess and Check your Credit Score
There are a number of online resources that can help you determine your current credit rating. The score is based on information from credit reports and any negative information or inaccurate ones can make it doubly harder for you to get yourself out of debt. Do an assessment and search for errors, dispute them and have them corrected.
Choose the Right Financial Product
If you have a bad pre-bankruptcy history, you will not look very attractive to lenders. You can help alleviate the problem by offering additional assurances that they will not lose money again from you. There are four ways by which you can help improve your financial profile to help you get credit and achieve a better credit score in the future. These are via a secured loan, secured credit card, co-signed credit card or loan and lastly via authorized user status.