If you’ve recently filed for bankruptcy in Kentucky, you may already have your mind set on rebuilding your credit. While the road in front of you might seem long (and somewhat arduous), it is possible to repair your credit history and ensure a brighter financial future. In order to do so, NerdWallet.com offers the following advice, which will help you take a poor credit history and make the necessary repairs.
Check Your Credit Reports
There are two components to your credit reports (you can check your reports for free once a year, and it’s best to check all three major credit reporting companies for the most accurate information). First, you’ll want to make sure that all the information is correct. Erroneous charges could be causing you financial harm and if so it’s imperative that you take the proper steps to get them removed. You’ll also want to look for problematic spending habits. If you notice quite a bit of credit card debt, work towards using credit a little more responsibly, such as by paying off the total amount of debt on a monthly basis.
Pay Your Bills On Time
When it comes to your bills, making payments on time is crucial. While under other circumstances one missed payment may not be a huge issue, it can reflect pretty poorly if you’re working to rebuild credit. Even if you can only afford to pay the minimum on your bills it’s still better than missing a payment. You can also automate payments to ensure they’re made on time each month.
Apply for a Secured Credit Card
While you want to be cautious with credit card usage, you can’t forgo having a card altogether. You can apply for a secured card in this event, which requires a deposit before using. When using a credit card, try to keep the amount owed under 30 percent of the total limit, which will show favorably on your overall score.