Registered Nurse RN

Registered Nurse, Free Care Plans, Free NCLEX Review, Nurse Salary, and much more. Join the nursing revolution.

  • RN
    • Nursing Clinical Skills
  • Nursing Videos
  • Blog
  • Nursing School
  • Nursing Care Plans
  • Nursing Quizzes
  • Nursing
  • Nursing Jobs
  • NCLEX Review
  • Store

Important Steps to Repair Credit After a Bankruptcy

Credit Repair After Bankruptcy: Tips to Restore Your Credit After a Bankruptcy

Many people must file for bankruptcy for various reasons. Some call bankruptcy the “seven year mistake” or the “ten year mistake” because consumers are not allowed to receive credit until the bankruptcy period is over. It is possible to regain good credit once the process is complete. Credit repair after bankruptcy is very important because it gives consumers a second chance to prove their creditworthiness. Financial freedom can be regained one step at a time.

  • Play the wait game. Do not rush into anything. The same horrible situation can happen again without careful planning. Consumers should make sure that they are ready to receive credit again. Create a plan that can help to repair credit so that consumers can make the best financial decisions possible.
  • Apply for credit in moderation. Consumers will need to apply for credit at some point after their bankruptcy. It is not a good idea to apply for every line of credit available. Carefully decide which credit options are the best for rebuilding credit after bankruptcy. A mortgage or car payment is a good option after bankruptcy.
  • Apply for unsecured debt. Secured debt goes on consumers’ credit. This option may or may not be an option after bankruptcy. It may be possible to get low credit limits on unsecured credit cards with the option to increase the debt over time. Only use the secured credit card for emergencies.
  • Apply for secured debt. Secured debt is really easy to get. Consumers are responsible for paying an amount of money up front that is equivalent to the line of credit. Lenders are eager to offer secured credit cards to customers. Once customers have established good payment history, lenders may offer an unsecured credit card to help their customers build credit.
  • Pay all bills on time. Paying bills on time is very important to repairing credit after bankruptcy. Late payments can lower credit scores and continue to harm credit after bankruptcy. Write down the due dates for all bills as soon as the bills arrive to prevent future late payments.
  • Use the direct draft option for bills. Having the bill payments come directly out of a bank account is one of the best ways to prevent future credit problems. Consumers never have to worry about paying bills late because the money comes directly out of their accounts.
  • Keep credit limits low. The rule is to keep credit card debts under 30% of the available limit. Consumers should only use credit cards for emergencies. Some use the credit cards to pay their monthly bills and pay off the credit card when the bill arrives. Just make sure not to abuse the credit card.
  • Make sure to have a budget in place. Budgeting is imperative to repairing credit after bankruptcy. Make sure that all bills are paid before spending any money on items that are not a necessity. Budgeting can help consumers pay bills, save money, and rebuild their credit quickly.

There is hope for improved credit once bankruptcy is complete. Repairing credit after bankruptcy may take some time but consumers are well on their way to a future with better credit.

Please Share:

  • Click to print (Opens in new window)
  • Click to share on Facebook (Opens in new window)
  • Click to share on Twitter (Opens in new window)
  • Click to share on Pinterest (Opens in new window)
  • More
  • Click to share on Reddit (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on WhatsApp (Opens in new window)
  • Click to share on Pocket (Opens in new window)
  • Click to share on Telegram (Opens in new window)
  • Click to share on Skype (Opens in new window)
Nursing Gear

RSS Latest YouTube Videos

  • Recap a Needle Using the One-Hand Scoop Technique Nursing Skill | Medication Administration
  • Elevation and Depression Anatomy Body Movement Terms (Mandible & Scapula)
  • Car Seat Safety Teaching: Nursing Care & Discharge Pediatric Maternity Nurse NCLEX Review
  • Aqueous Humour Eye Circulation Flow Animation: Open-Angle vs Closed-Angle Glaucoma

Recent Posts

  • One-Hand Scoop Technique
  • Elevation and Depression Anatomy
  • Car Seat Restraint Safety Pediatric Nursing Review
  • Car Seat Safety NCLEX Questions Quiz

Disclosure and Privacy Policy

This website provides entertainment value only, not medical advice or nursing protocols. We strive for 100% accuracy, but nursing procedures and state laws are constantly changing. By accessing any content on this site or its related media channels, you agree never to hold us liable for damages, harm, loss, or misinformation. See our full disclosure and privacy policy. Copyright Notice: Do not copy this site, articles, images, or its contents without permission.

Important Links

  • Advertise
  • Contact Us

Follow Us on Social Media

  • Facebook Nursing
  • Instagram Nursing
  • Twitter Nursing
  • YouTube Nursing

Get Free Email Updates:

Enter your email address below and hit "Submit" to receive free email updates and nursing tips.

Copyright © 2021 RegisteredNurseRN.com. All Rights Reserved.