How can I build my credit score back up?

Posted by Wesley Scott on April 16, 2020 at 2:07 PM
Wesley Scott

Whether it is after you have received a discharge in your bankruptcy or you are looking for ways to boost your credit score, you have come to the right place! Not only does Kain & Scott specialize in bankruptcy, we also have an in-office credit repair specialist that will make sure your credit report is clear and free of creditors! This is a program we offer free of charge after you receive your bankruptcy discharge.

The first step is to make sure you have open and on-going credit. This will appear on your credit report. This does not mean run out and open 20 credit cards at once with high minimums. Taking out a large amount of debt at once is a high risk for lenders and they will stray away from you. For starters, if you start a loan or open a credit card, always at least, make the minimum payment due each month and do not be delinquent. Delinquent payments and payments that don’t meet at least the minimum amount required tend to have the most immediate, negative impact on your credit report and credit score.

Keeping your credit card balances low, means that you are very capable of paying off your debts. This is an excellent showing of credit management and tells lenders you are a good credit risk. Only apply for the amount of credit you need.

An extremely beneficial way to manage credit is to create a monthly budget for yourself, including income and expenses. This can help you visualize what you are spending money on, what you could cut back on, and what is a manageable amount of debt you could handle.

Last but not least, do not forget about your student loans. These payments are very important to make and keep up-to-date with. Student loans will not be discharged throughout the bankruptcy, but discharging other debt can help make student loan payments more manageable.

Call Now For A Free Strategy Session With A Minnesota Bankruptcy Lawyer

Credit score and repair questions? Send us a message via our live chat online and we will respond immediately! When you are ready, reach out to Minnesota’s HIGHEST GOOGLE REVIEWED bankruptcy law firm by going now to www.kainscott.com. You will be so glad you did!

 

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