Choosing a good, honest bankruptcy lawyer is as hard as finding a reliable mechanic you can trust: unless you're actually one yourself, you just have to rely on other's opinions and recommendations.
Everybody we dealt with at Cutler & Associates was incredible!
Stewart met with us and gave us some advice that...
There are many factors that go into calculating your credit score, including your payment history, the length of your credit history, and the types of credit you use. As a result, your score accounts for both positive and negative credit information. While late payments will lower your credit score, establishing a good track record of payments will improve your score.
The first step in improving your credit score is requesting your credit report. In this video, a financial advisor explains how to request your report from the major three credit bureaus. He also explains how to clear up any errors on your report by sending a letter.
The bankruptcy attorneys at Cutler & Associates can stop collection calls and UCC-1 filings. Call us at (847) 868-2265 to schedule an appointment at our Aurora office.
After filing for bankruptcy, your bankruptcy declaration will remain on your credit history for the next 10 years. But this does not mean you have to wait 10 years before you begin to rebuild a favorable credit score. As soon as your debt is discharged, you should start managing your spending habits in a way that will reflect positively on your credit score.
Check Your Credit Report
There are three main agencies that maintain U.S. credit reports: Experian, Equifax, and TransUnion. Before you apply for a new line of credit, you should check with each of these agencies to make sure there are not any errors in your credit history. You also want to make sure there is not a false credit report already opened in your name. If you find a mistake on your credit report, you should immediately report it to the agency.
Open a Savings Account
In order to avoid future financial problems, you should be actively saving each month. Having a savings account in your name is a great way to show future lenders that you are financially responsible. Potential lenders will want to see that you have a few years of experience making regular withdrawals and deposits into your bank accounts. Just remember that negative account activity like bouncing checks will also appear on your credit report.
Pay Bills on Time
It is true that credit reports do not usually incorporate whether or not you pay your utility bills on time, but potential borrowers may have access to this information. There are alternative credit scoring models, such as the Payment Reporting Builds Credit (PRBC) score, that use bill payment history in their credit calculations. To earn a favorable PRBC, you need to get into the habit of paying bills on time.
Call (847) 868-2265 to schedule a meeting with an Aurora bankruptcy attorney at Cutler & Associates. Since 1990, we have provided legal representation to thousands in the Chicagoland area. By calling today, we can help you stop collection calls and UCC-1 filings.