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The 3 Step Strategy to Re-Establishing Credit

My bankruptcy clients understand one very clearly: You will need to re-establish your credit after your bankruptcy.

Make some life changing decisions as to how you handle your finances. Maintain a budget. Don’t dwell on the past – only look forward, Remember, if you try to drive your car while looking in the rear view mirror – you are going to crash.

Reset your mental focus and focus on your personal financial goals and set a timeline for achieving them. Goals without a timeline are pipe dreams.

Here is a 3 Step Strategy that works.

1. Budget. Live off a percentage of your income. Pay your bills or make your payments early and on time. Budget everything: your time, your talent and your money.

2. New Credit. Try to use mainstream credit lenders – try to avoid high interest. If you can’t avoid high interest, minimize your exposure to high interest credit.

3. Credit Repair. Pull your credit report every year at tax time and review it carefully for errors. If you find an error fix it. Keep a copy of your discharge handy so that you can send it out to creditors or collectors that missed it. Look to the Fair Credit Reporting Act (google.com it) for guidance.

More to follow in my new series on credit repair. Don’t suffer in silence. If you need help, please call me at (989) 233-9389 or email me at mike@mikeshovan.com.

Our State of the Art Computer system allows us to serve all of the Counties and Cities in the North East Michigan including: Saginaw (Saginaw, Frankenmuth, Chesaning, St. Charles, Hemlock, Shields, Freeland, Carrollton ); Bay (Bay City, Essexville, Auburn, Kawkawlin, Linwood, Pinconning, Standish); Midland (Midland, Sanford, Edenville, Wixom Lake); Gratiot (Ithaca, Alma, St. Louis, Breckenridge); . Isabella (Mount Pleasant, Shepherd, Coleman); Gladwin (Gladwin, Beaverton, Rhodes); .Clare (Clare, Farwell, Harrison); Roscommon (Roscommon, Prudenville, Houghton Lake, Higgins Lake, St. Helen); Crawford (Grayling); Otsego (Gaylord); Cheboygan (Cheybogan); Presque Isle (Rogers City); Montmorency (Atlanta); Alpena (Alpena); Oscoda (Mio); Ogemaw (West Branch, Skidway Lake, Prescott); Alcona (Alcona, Harrisville); Iosco (Oscoda, Au Sable, East Tawas, Tawas, Whittemore, Alabaster); Arenac (Au Gres, Standish); Tuscola (Caro, Reese, Richville, Mayville, Millington, Akron, Fairgrove, Cass City); Huron (Bad Axe, Sebawing, Bay Port, Pigeon, Caseville, Pinnebog, Port Austin, Harbor Beach)