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Rebuilding Credit After Bankruptcy in Maryland

Rebuilding credit after bankruptcy in Rockville, Maryland

Rebuilding your credit after bankruptcy relief can be a difficult process, especially if you’re struggling to rebound after filing for bankruptcy in Maryland. The experienced credit repair attorneys at the Kurland Law Group can help you rebuild your credit and get your life back on track. We understand the challenges you’re facing, and we know the law inside and out. 

We’ll work with you to develop a plan that fits your unique situation and helps you achieve your goals. Contact us today to learn more about how we can help you rebuild your credit score after bankruptcy. Filing for bankruptcy is a big decision, but it doesn’t have to be the end of the road. Let us help you get back on track and rebuild your credit.

Why do I need to Rebuild Credit After Bankruptcy in Maryland?

Life after bankruptcy can be difficult, but it is not impossible. There are a few things you can do to help improve your credit score, and our credit repair attorneys at Kurland Law Group can assist you in making sure you get the best outcome possible in your case.

When it comes to a bankruptcy filing, you want a credit repair attorney who is knowledgeable and experienced. We have more than 20 years of experience handling bankruptcies in Maryland at our law offices. We will work with you to ensure that you understand all of your options and help you make the best decision for your unique circumstances.

We understand that each case is different, which is why we offer legal advice or consultation to discuss your individual needs. We will evaluate your case and advise you on the best course of action. Rebuilding your credit rating after bankruptcy is possible, and we can help you take the first steps towards a bright future. Contact us today to schedule a consultation.

What is Rebuilding Credit After Bankruptcy?

Rebuilding Credit After Bankruptcy Rebuilding credit after bankruptcy is the process of re-establishing creditworthiness with creditors after a bankruptcy discharge. In Maryland, “a debtor’s post-discharge creditworthiness is presumed for purposes of extending credit if:

(i) the debtor has completed all payments under the debtor’s plan; or

(ii) the debtor has received a discharge under chapter 7 bankruptcy or chapter 13 bankruptcy of the Bankruptcy Code. “

Rebuilding credit after bankruptcy requires time and patience, but there are many ways to improve your credit score, such as using secured credit cards and maintaining a good credit payment history.

Credit Repair & Improvement

Rebuilding credit after bankruptcy is important to your future financial success. If you’re a Maryland resident, you may be wondering how to improve your credit score. The first step is to pay off any outstanding debt with your lenders. This will show creditors that you’re committed to managing your finances responsibly. 

Once your debt is under control, you can start working on restoring your credit. The sooner you take action, the sooner you’ll be able to access new credit at a good rate. With a little effort, you can get your financial life back on track.

How to Improve Your Credit Score Without Adding to Your Debt?

1. Dispute any incorrect or outdated information on your credit report.

First, get a copy of your credit report from all three major credit reporting agencies. Next, dispute any errors that you find on your report.

2. Boost the amount of positive information on your credit report.

One of the best ways to improve your credit score is to demonstrate financial stability, and one way to do that is by adding employment and address information to your credit report.

3. Make timely payments.

One of the most important things you can do is make timely payments on all of your bills. This includes rent, utilities, car payments, and credit card bills. Missed or late payments will damage your credit score, so staying on top of your finances is important.

4. If possible, pay off your credit card debt in full each month.

Additionally, it’s helpful to keep your credit utilization ratio low by paying off your credit card debt in full each month, if possible. It will help your poor credit score.

5. Create a strategy for paying off your credit card debt.

One way to do this is to make a planned approach to paying off your credit card debt. If you can’t pay off the balance, pay it down strategically. Because credit scoring firms look at your debt ratio, paying down high-utilization cards can increase your score.

6. Maintain a low balance

Keep your credit utilization low by using no more than a third of your available credit limit. This will help improve your credit score.

7. Make good use of your existing credit cards.

Make good use of your existing credit cards. Use your credit card, department store card, or gas card, and pay your monthly payment on time and in full if feasible.

8. Apply for credit in your own name.

The most important thing you can do is to apply for credit in your own name. Most creditors are more likely to approve an application if it is in your name rather than your spouse’s.

9.Raise the credit limit on existing cards

Request a credit limit increase on your existing cards. Nearing your credit limit can hurt your credit score, so increasing your limit may help. Be careful with this strategy – if you’ve missed payments or your score is already falling, the lenders may think you’re facing a financial crisis and lower your limit. Check your finances carefully before requesting a raise.

10. Maintain previous secured or credit card accounts.

Keep previous accounts open. Older credit card accounts shouldn’t be closed because they can help rebuild your credit history. Consider this stage of credit cleaning a chance to improve your score. 

In the case of credit cards, it normally helps to have a long credit history. Ask the issuer to replace your older card with one that doesn’t have an annual fee while still maintaining your history.

Rebuild Credit by Getting New Credit

Rebuilding credit after bankruptcy is important to qualify for new credit, including auto loans, credit cards, and mortgages. There are a few ways to get new credit to fix negative credit.

1. Obtain a New Credit Card

Applying for a new credit card is one option. Unsecured credit cards are riskier for the card company because if you don’t pay, they can only sue you. Credit card debts are usually discharged in bankruptcy (wiped out). 

After bankruptcy, it’s easy to get an unsecured credit card; many people are actually surprised at how many offers they receive in the mail. A secured credit card requires collateral, such as a deposit in a savings account, which secures the debt in case you default on payments. 

The advantage of a secured card is that it can help you rebuild your credit without the risk of ruin if you can’t make payments. 

2. Obtain a Secured Credit Card

Rebuilding credit after bankruptcy can seem like an uphill battle, but there are steps you can take to improve your credit score. One way to do this is by getting a new credit card. 

However, if you have bad or no credit, you may not be able to qualify for a traditional unsecured credit card. In this case, you can apply for a secured credit card. A secured credit card requires a cash deposit or savings account at a bank or credit union. 

Secured cards are beneficial because they report payments to the credit bureaus without increasing the cardholder’s debt. Rebuilding your credit after bankruptcy takes time and effort, but it is possible with the right steps. Maryland residents can get started by applying for a secured credit card.

3. Find a cosigner or guarantor to help you with your loan.

Ask a friend or relative to cosign if you can’t get a credit card or loan on your own. Cosigners commit to repaying a loan or credit card if the principal debtor defaults.

4. Take out a credit-building loan

These loans are offered by online lenders and credit unions and typically have lower interest rates than traditional loans. By paying back these loans on time, you can show lenders that you are a responsible borrower and raise your credit score.

5. Personal Loans

One way is to take out a personal loan from a bank or credit union. Just be sure to get a loan with a low-interest rate; otherwise, you could end up in more debt.

6. Purchase an item from a local merchant on credit

Another option is to purchase an item from a local merchant on credit. This can help your credit if the company reports it to the credit reporting agency.

7. Take advantage of multiple credit options.

You can take advantage of a variety of credit options, such as credit cards, mortgages, and auto loans. If you make payments on time, your score should rise. This is a long-term approach, not a fast fix. While it may take some time to rebuild your credit, it is important to remember that rebuilding is possible.

Call our Credit Repair Attorney Now!

Rebuilding credit after bankruptcy can be a tricky process. But with the help of the right credit repair attorney, it’s definitely possible. At Kurland Law Group, we have experience helping our clients in Maryland rebuild their credit after bankruptcy. 

We know the ins and outs of the process, and we can help you navigate it successfully. So if you’re looking for help rebuilding your credit after bankruptcy, please don’t hesitate to call us today. We’d be more than happy to help you get started on the road to financial freedom.

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