CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

How Can I Better Manage Credit Cards After Bankruptcy?

Bankruptcy And Credit Card Use.Here’s what you need to know about bankruptcy and credit card use to avoid future financial problems.

Filing for bankruptcy has a significant effect on your credit score. Some people say it ruins their credit, but this is misleading.

Most people who opt for bankruptcy already have financial struggles significant enough to severely impact their credit score. Someone with a credit score of 700 or higher is unlikely to even consider bankruptcy. Initially, bankruptcy won’t help your credit score, but long-term it’ll have a more positive impact on it than letting your ongoing money issues drag your score lower and lower.

For many, filing for bankruptcy is the tool that helped them improve their credit score. One of the keys to ensuring this happens is learning to better manage credit cards once you emerge from bankruptcy.

Credit Cards are Part of the Post-Bankruptcy World

The first thing you need to understand is that bankruptcy doesn’t mean you can’t ever get a credit card again. Most people begin receiving credit card offers shortly after emerging from bankruptcy. The options available to you aren’t as favorable as those available for people with high credit scores, but you will be able to get credit after bankruptcy.

You shouldn’t let this tempt you into repeating any old mistakes though.

There are several things you can do to improve your credit score and manage credit responsibly after bankruptcy. For example:

  • Check your credit report for mistakes at least once a year. You’d be surprised to learn how often errors on credit reports drag down the scores of unknowing consumers.
  • Monitor your credit score on an ongoing basis. There are online services that allow you to view your credit score as often as you’d like. Checking on it frequently ensures you notice any significant changes and motivates you to keep on track as you see your score slowly creep higher with good decisions.
  • Make being credit-responsible a habit. This includes paying bills on time every month, reducing your use of credit card spending to only what you can afford to pay off each month, creating an emergency savings account, and being patient.
  • Apply for a protected credit card. This is a common type of card used by people emerging from bankruptcy. It’s similar to a debit card, but it helps you rebuild your credit just like a regular credit card.
  • Ask someone to co-sign for you, but make sure they have good credit. Sharing debts with someone with good credit gives you a boost.
  • Consider applying for a credit-builder mortgage.
  • Ask if you can be an authorized user on a family member or friend’s account. Again, make sure they have good credit and that you can trust them to pay their bills on time. If so, their good habits help you.

Perhaps the most important thing you can do as you rebuild your credit after bankruptcy is to be patient. Your bankruptcy remains on your credit report for 10 years, but it’s not the only thing that affects your credit score going forward. And if lenders see that since your bankruptcy you’ve been responsible and met all of your payment obligations, they’ll focus more as time passes since your bankruptcy.

Helping You Rebuild Your Credit After Bankruptcy

If you’d like to learn more about restoring your credit after filing for bankruptcy, we offer a course to help you rebuild your score. If you need to speak to someone about filing for bankruptcy, contact the Law Office of Robert M. Geller at 813-254-5696 to schedule a consultation.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

How to File for Bankruptcy without Losing Your Assets: How an Attorney Helps You Use Florida Bankruptcy Exemptions

If you're considering filing for bankruptcy, it's important to know that you can still keep your most important assets. The...
Read More

6 Things You Can Do to Make Filing for Bankruptcy Easier

Bankruptcy is often a confusing and scary process. It can be very overwhelming to face the prospect of declaring bankruptcy,...
Read More

4 Great Bankruptcy Resources for People Struggling Financially

Filing for bankruptcy can be a daunting process, but there are many bankruptcy resources available to help you through it....
Read More

6 More Things You Should Know About Bankruptcy

When you’re considering bankruptcy, it can help to know what to expect. Understanding the bankruptcy tricks and tips available to...
Read More

How to Take Control of Your Financial Situation

Do you want to learn how to take control of your financial situation? Does it feel as if your spending...
Read More

What Can I Do If I’m Being Harassed by Creditors?

Struggling with financial problems is bad enough. It gets a lot worse if you’re being harassed by creditors. What is...
Read More

Can I File for Bankruptcy without an Attorney?

The short answer to this question is yes, you can file for bankruptcy without the help of an attorney. However,...
Read More

Can Bankruptcy Improve the Health of Your Marriage?

Marriage and money problems go hand in hand. Financial problems cause everything from minor squabbles to full-blown marriage-ending fights within...
Read More

5 Common Budgeting Mistakes Newlyweds Make and How to Avoid Them

Budgeting mistakes are common, especially when you’re young. Not all newlyweds are young adults, but many first-time marriages do involve...
Read More

When Should Married Couples File for Bankruptcy Together?

There's no easy answer to the question of timing when it comes to bankruptcy. In some cases, it may make...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo avvo1 avvo2 avvo3 LEA BBB Logo

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions