Improving a Credit Score

June 24th, 2011 | Author: | Personal Finance

Individuals with overwhelming debts may choose to file for bankruptcy as a method of improving their financial stability.  While this can offer debtors a clean slate and way to move forward from a difficult situation, it will also damage their credit score.  It is imperative that after filing for bankruptcy, an effort is made to improve the credit score and rebuild financial reliability.

Developing Habits to Improve Credit Score

Credit scores are calculated by examining an individual’s financial history and any current debts.  Some helpful tips for improving a credit score after bankruptcy include:

  • Keep credit card totals under 30% of the maximum line of credit.  Less debt will mean that paying it back will be easier and will show anyone examining the credit report that you are responsible with your new financial stability.
  • Avoid maxing out a credit card.  Even when major purchases are required, it is better to avoid credit card debts.
  • Make regular payments.  Making payments, even if they are the minimum amount, is helpful in reducing the debt and proving reliability to creditors.

The best way to make sure that your finances are in order and you are avoiding further credit problems is to consult with a legal professional.

Contact Us

The Cincinnati bankruptcy attorneys at the law offices of Ryan J. Ruehle have years of experience helping people recover from debts and can help you understand your situation.  If you or someone you love is considering bankruptcy or has questions regarding credit scores, contact our offices at 513-777-0880.



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