Practical Tips to Improve Your Credit Score After Bankruptcy

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Summary

In this episode, host Louisa Larado shares her personal experience of rebuilding her credit rating after bankruptcy. She debunks common myths and misconceptions about bankruptcy and credit ratings. Louisa emphasizes the importance of paying bills on time, living within your means, and avoiding unnecessary borrowing. She also provides practical tips for improving credit scores, such as setting up direct debits, monitoring credit ratings, and disputing incorrect information. Louisa encourages listeners to take control of their financial future and make positive financial decisions.
Takeaways

• Paying bills on time and living within your means are key to rebuilding your credit rating after bankruptcy.
• Avoid unnecessary borrowing, such as credit cards and buy now, pay later schemes.
• Set up direct debits and auto drafts to ensure timely bill payments.
• Monitor your credit rating regularly to detect any discrepancies or fraudulent activities.
• Dispute incorrect information on your credit report and consider adding positive information, such as rent repayments, to improve your score.
• Remember that bankruptcy is not a permanent black mark and does not necessarily prevent you from getting a loan in the future.
• Take small steps towards creating a positive financial story for yourself and develop an abundance mindset.

Chapters
00:00 Introduction and Personal Experience
03:06 Misconceptions About Borrowing and Credit Ratings
05:35 Paying Bills on Time and Living Within Your Means
09:56 Borrowing Money and Managing Relationships
15:45 Avoiding Unnecessary Borrowing and Credit Cards
26:53 Debunking Myths About Credit Ratings
32:13 Bankruptcy as a Temporary Blip and Taking Control of Your Financial Future

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Disclaimer: The information contained on today’s podcast has been provided as general advice only. The contents have been prepared without taking into account your objectives, financial situation or individual needs. Before making any decision regarding the information, strategies or products mentioned on today’s episode, please consult your own financial advisor or other professional first.