Filing for bankruptcy is a difficult decision that can create ripples in your life for years to come. Even though it’s a tough choice to make, sometimes it’s the only viable option available. After you’ve filed for bankruptcy, it’s time for you to start rebuilding your life and rebuilding your credit. Re-establishing credit after bankruptcy doesn’t have to be as difficult as you think as long as you know what you’re doing.
One of the best ways to start rebuilding your credit is to visit a bank or credit union to get a secured credit card. With a secured card, you’ll have to deposit some money for the bank or credit union to hold and in turn they’ll meet the amount of the deposit for your credit limit. Make sure that you do your homework in order to avoid expensive fees that you have to pay upfront. Sometimes banks and credit unions might charge you as much as $200 just to open your secured credit card. You’ll also want to make sure that the credit union or bank that you get your card with reports to the top credit bureaus in order for you to start building your credit back up. If the financial institution doesn’t report to the top credit bureaus, then you’ll want to find one that does.
If you aren’t comfortable with a secured credit card, consider an unsecured credit card where you don’t have to put up any of your money in order to open your account. The higher the credit limit on your secured credit card, the better. But again, be sure to find out about upfront fees. In order to quickly re-establish your credit after bankruptcy, make sure that you pay off your credit card every month or within a few months.
Getting your financial life back to normal after you’ve filed for bankruptcy is only as difficult as you make it. Educate yourself, take your time and make wise decisions and you’ll be back on solid financial ground before you know it. If you have gone bankrupt and are looking for a bad credit car loan in Regina, Loan Doctor in Regina can get you approved for financing.