5 Tips for Bouncing Back from Bankruptcy

If you got hit hard by the recent recession and had to file for bankruptcy, you should know that it will stay on your credit report for 7 to 10 years, depending on the type of bankruptcy.

But…just because you had a bankruptcy does not mean you have to wait seven years to start rebuilding.

To help you bounce back from bankruptcy…try using these five tips.

1. Know exactly what’s on your credit report…

By downloading your free report from each of the three credit bureaus. Get your free government sponsored credit report at www.AnnualCreditReport.com

2. Follow the Golden Rule of Money…

Which is to spend less than you make each month. Being cash-flow positive each and every month is a must when starting over.

3. Apply for a new credit card…

If you don’t qualify for one yet, try getting a secured credit card. Use your credit card for a few expenses each month, but be sure to pay off the balance in full so you don’t have to pay any interest.

4. Make your debt payments on time each month…

This is key in rebuilding your credit, as you prove to the lenders you will be trustworthy in the future.

5. Have a positive mindset…

Yeah I know this may sound a little corny, but focusing on the positive things in life will open up new doors of opportunity for you. And help you avoid falling back into the situation that lead to your bankruptcy.

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