My marketing budget is pretty healthy these days; sometimes so much it hurts… But, recently my marketing guru informed me that there is a surge of folks searching for information about credit repair in Jacksonville, FL. You can call me a credit repair lawyer, debt lawyer, debt, attorney, Jacksonville financial lawyer, bankruptcy attorney, and I’ve been called a few other names I’m sure, but however you slice and dice it, my focus is to get clients back on track financially. So, I thought, what the heck, since so many folks are asking, I’ll give my two cents worth.
There are numerous ways to rebuild your credit. The #1 way is the most obvious: Pay those creditors on time! Okay, okay… for some that’s easier said than done and, I know, life happens – job loss, divorce, life… I am a debt lawyer so I suspect if you are reading my blog that you may have experienced some past or present debt issues. Don’t let that scare you – you have the ability to get your credit back on track. Even if you have a recent bankruptcy, your ability to rebuild credit after filing is better than it has ever been. After you get your discharge, you will receive many solicitations from lenders offering to finance homes, vehicles and credit cards. With a little bit of time and effort you will be seeing excellent credit scores in no time!
Here are some tips to responsibly and successfully rebuild credit:
- Sign up for Credit Karma to monitor your credit. Credit Karma is also a great source to match you up with credit cards based on your score ranking.
- Apply for a store and gas credit card that you would normally pay cash.
- Apply for a secured credit card at your personal bank or credit union. Use the card and make sure to pay back more than you charge so it is reflected as positive marks on your credit report.
- Pay your utility bills and rent on time for at least a year.
- Look for car dealers and mortgage lenders that attest to be “bankruptcy friendly”. Don’t be afraid to buy a used car so you do not get hit with the depreciation that occurs during the first two years of a new car purchase. If you don’t know any lenders – ask me! I have introduced many clients to awesome lenders who never judge!
- Whatever you do STAY AWAY from payday loans that have ridiculously high interest rates and are a “bad credit” trap.
- Review your credit every year. All consumers can obtain a free credit report from each of the three major credit reporting agencies at AnnualCredit Report.Com. Carefully review your credit for accuracy. If you find an error, write a letter to the creditor and copy the credit reporting agency explaining the circumstances and the dispute. Keep copies of your correspondence for your records.
- Live within your means. Do not unnecessarily increase your debt to income ratio by taking on credit to purchase luxury items that you DO NOT NEED. Your payments on consumer debt should equal no more than 20% of your expendable income after costs for housing and a vehicle.
- Pay your reaffirmed, pre-bankruptcy debts on time – for example, if you reaffirmed a car payment in your bankruptcy, make sure to always pay on time and this will help you re-build your credit.
Are you in a situation that your bills are overwhelming your budget every month? Why not get a free consultation on your options with an experienced attorney, who will give you honest and straight forward advice on your best course of action. Call us at (904) 421-6907 to set up a consultation with Robert Peters today!