So you want to repair your credit score after your Texas bankruptcy but don’t know where to begin? With over 1.5 million bankruptcy filings across the nation every year, you’re not alone. Fortunately, the process of repairing your credit isn’t as difficult as it might seem, and can begin the same year as your Texas bankruptcy. People seriously about a fresh financial start through bankruptcy must have a strategy in place to improve their credit, as our credit scores influence our shelter, transportation, utility services, entrepreneurship efforts, and even our employment!
Advanced Tips for Credit Score Restoration
The biggest thing to remember about a Texas bankruptcy is that it shouldn’t be viewed as a lifesaver so that you can continue making the same financial mistakes. Instead, view the Texas bankruptcy as a fresh start for your financial life. By doing this, you’ll take better care of your finances, which in turn helps your credit. Remember, your credit can’t improve as long as your finances are still struggling. To vastly improve your credit score after a Texas bankruptcy, consider:
· Using a secured credit card. These cards require you to make a deposit in the bank, which in turn becomes your credit limit. In other words, secured credit cards are prepaid cards that have the same advantages as a credit card when it comes to improving your credit score. While a secured credit card is good for rebuilding credit, a more aggressive strategy is to become the authorized user.
· Becoming an authorized user. The authorized user strategy is when you become an “authorized user” of an existing credit card account. This means that you have full access to the funds because you’re authorized, but since the card isn’t yours, the bill doesn’t come to you – you’re not financially liable for this card. To repair your credit after a Texas bankruptcy, become an authorized user and avoid making changes to the account. Because you’re authorized, the card’s activity is still reported to the credit agencies with your name attached. You’ll benefit from taking advantage of an established account with good, existing credit!