How to rebuild credit after bankruptcy

Anyone who has filed for bankruptcy would be in a hurry to rebuild his credit rating considering the difficulties one faces under the circumstances. With proper management of finances you will be able to re- establish your credit rating. Here are some points to help you in the process.

Assess your current financial position

What is your present credit status? List out all the debts you have and get credit reports from all three national credit bureaus and review the reports to check for any inaccuracies.

Create a debt reduction plan

Once you have worked out your credit status, plan out how you are going to pay off the loans. Work out which loans need to be paid off first and how you are going to fund repayment and the time it would take to repay.

Pay the bills on time

It is vital that you pay your mortgage and utility bills on time. You could arrange for an automatic debit arrangement with the bank for this purpose.

Re-asses the need for credit cards

Credit card debt can build up without you being aware of it. Consider getting rid of them altogether to have control over your finances and build up your credit score.

The Big Four of Finance– Deloitte, Accenture, KPMG, Ernst&Young

There are four tremendous companies that compliment and compete with each other in the marketing, but specifically financial markets.   Every day of the year everyone has to deal with the hassle of keeping their finances in order.  While some take care of their own finances, some hire a company to advise them and to take care of it for them.  There are a bunch of companies that can do it but these are four companies are that truly stand out from the rest.

Deloitte was originally created in 1845 and Deloitte specializes in auditing, tax, consulting and advisory services.  Accenture on the other hand is focused in management consulting, providing technology services and outsourcing.  It is a strong international company and serves clients in over 120 countries.  KPMG provides services in auditing and tax and are another strong international company.  Ernest & Young is yet another company that offers audit and tax services along with advising on those subjects. 

Each one of these four companies provides great competition for each other and provides their clients with great services and options.  When the need to get advice on tax services or accounting is necessary any of these four companies would be an excellent option.  This works for individuals with their own personal finances when they need advice and with businesses when they need advice when it comes down to accounting or taxes.  These four firms are great companies that have developed great reputations based upon the exceptional work they do for their clients.

Positives of Credit Reports and Scores

With the current state of the economy it is crucial to stay on top of one’s credit rating and debt.  You can use credit reports and scores to keep an eye on one’s number.  While it is simple to keep an eye on your debt by staying on top of one’s credit card debt and loans, specifically car and student loans a lot of people don’t and run into trouble.  Staying on top of these is crucial because if not careful it is easy to dig oneself into a deep hole.  For example, transferring credit card balances from card to card is not a successful way to manage your debt.  While short term not paying interest is helpful your credit does take a hit. 

Even with bad credit payday loans are an option.  While it is not recommended that this become habitual, to make a payment in a great hurry this is an option to consider.  One problem that people run into is encountered and started in college.  Student credit cards offers are constantly being sent out to college students to entice them into applying and opening an account.  The problem that the students run into is that they are not always educated well in financial matters.  By signing up and running up a large bill or loan from the credit card company they are effectively placing themselves in financial trouble early.  When they are unable to make the payments their credit rating takes a hit before they have even graduated and joined the work force.