How to Build Credit After Bankruptcy from a St. Louis Chapter 7 Bankruptcy Attorney

After your Chapter 7 has been discharged and the final decree issued, you might be surprised at how many credit card offers you get. This because the cards have a high interest rate and the lender knows there is an 8 year period before you can file Chapter 7 again. If a person is not careful, they may find themselves back in debt but without the lifeline Chapter 7 provides. But some people may worry that these high interest cards are the only way to begin rebuilding credit. A St. Louis Chapter 7 Bankruptcy Attorney can give you ideas on how to build credit safely without high fees and without carrying a substantial balance.

Secured Credit Cards and a St. Louis Chapter 7 Bankruptcy Attorney

One way to do this is with a secured credit card. This card requires a person to send in a check (say, for $300) and the lend will issue a line equal that credit. The borrower can then use that card as a credit card with that credit limit. This offers several benefits over high-interest cards, including:

  • Lower interest rates
  • Lower credit limits, meaning a person won’t run the risk of getting into trouble again
  • Card gets reported to credit agencies unlike prepaid cards

A St. Louis Chapter 7 Bankruptcy Attorney can give you information about these cards or other ways to safely build your credit. This way, you can emerge from bankruptcy on stronger financial footing with a credit score that reflects this.

If you have found that you have an unsustainable debt load, contact The Westbrook Law Group and speak to a St. Louis Chapter 7 Bankruptcy Attorney. This lawyer can help get out of debt and give you a fresh start without massive stress and without massive debt. For a free consultation, call us today.

Facing serious debt problems? Contact a St. Louis Chapter 7 Bankruptcy Attorney

Call The Westbrook Law Group today at (636) 493-9231

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