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Bankruptcy Lawyer Springfield IL

Bankruptcy Lawyer Springfield IL

Bankruptcy Lawyer Springfield IL

How to Repair Your Credit After Bankruptcy

After you file bankruptcy with the assistance of a bankruptcy lawyer Springfield IL residents trust, your credit rating will take a hit. However, understand that this effect is only temporary. You can take steps to repair your credit.

Continue Paying Your Non-Bankruptcy Accounts

While bankruptcy discharges most of your debt, it might not get rid of all of it. Find out which accounts weren’t closed, such as your student loans, and continue paying them. Try to make more than the minimum payment on these accounts so that you can lower your debt-to-income ratio faster.

Apply for a Credit Card

When you’ve just filed for bankruptcy, the idea of applying for a new credit card might sound crazy. It’s true that you will have difficulty getting approved for new credit right away. You may even have to pay more in interest and fees. The best way to get approved right now is to apply for a secured credit card. These credit cards require a cash deposit. If you make timely payments on this card, you can improve your credit over time and will have a higher chance of getting approved for unsecured credit cards.

Keep Up Payments With New Credit Cards

Once you get approved for a new credit card, make timely payments. If the credit bureaus see that you’ve been keeping up with your payments for months, your credit score could go up. If you have trouble remembering to make your payments, a bankruptcy lawyer in Springfield, IL may recommend enrolling autopay or setting reminders on your smartphone to make your payments.

Don’t Job Hop

Although changing jobs frequently won’t impact your score directly, it can make lenders think twice about giving you a loan. They might not think you have reliable income to repay the loan. That’s why you should avoid job hopping as much as possible. 

Keep our Balances Low

Ideally, you should keep the balances on your credit cards as low as possible. It convinces lenders that you aren’t in over your head and that you will repay what you borrow. Try to keep your credit utilization ratio less than 30 percent.

Look at Your Credit Report to Make Sure Your Bankruptcy is Correctly Reported

Bankruptcy in itself damages your credit rating. However, if there are errors, it can do even more damage. For instance, if a debt shows up as active instead of discharged, it could hurt your credit. That’s why a bankruptcy lawyer in Springfield, IL suggests obtaining a free credit report and checking it for inaccuracies. If you catch mistakes, you should dispute it as soon as possible. Call Pioletti Pioletti & Nichols today.

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Joe Pioletti helped us win a case with a notorious realty, he was very honest and forthright about the terms of the case. He kept us up to date with the court date and made a great offer on our behalf. We received our settlement in a timely
matter as well! Take a chance with
Pioletti, you won’t regret it!

Kyana

EUREKA, IL LOCATION

107 E Eureka Ave, #1
Eureka, IL 61530

309-467-3213

24/7 live phone answering

BLOOMINGTON, IL LOCATION

121 N Main St
Bloomington, IL 61701

309-821-0246

24/7 live phone answering

KANKAKEE, IL LOCATION

2 Dearborn Square #1D
Kankakee, IL 60901

309-821-0246

24/7 live phone answering

SPRINGFIELD, IL LOCATION

1 W Old State Capitol Plz Ste 721
Springfield, IL 62701

309-821-0246

24/7 live phone answering

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