After your bankruptcy has been completed, you can get some good tips from your Houston bankruptcy lawyer on how to re-establish your credit for the future. Your first thought is you never want to go into debt again and this is a wise way of thinking. However, there may be times that arise that you will need to rely on credit. This could be for a mortgage and for buying a new car. At first, you are going to be considered a high risk because of your bankruptcy which means you are going to end up paying a lot more for borrowing.
A Game Plan
To start building your credit right away it is highly important that you pay all of your bills on time. Don’t even consider being a few days late as this could end up on your credit report. You can think about getting a cell phone that comes with a good plan but has a contract with it. Make sure you use it wisely and again pay it on time. Often the cell phone providers that use contracts report to the credit bureaus which if you keep your account in good standing will help to build your credit rating. When you are ready for a credit card again go for a secured credit card. Your deposit will be held but this is good security for you. Only make small and infrequent purchases and keep the card in good standing and do not max. it out. These are just a few but small important steps to building good credit once again following a bankruptcy.