Practical Tips to Improve Your Credit Score After Bankruptcy

06/09/24 • 37 min

Important Links

Get your free downloadable Financial Recovery Roadmap here.
Register for my free Masterclass Rebuilding After Bankruptcy: Your Step By Step Success Plan here.

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.

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Important Links

Get your free downloadable Financial Recovery Roadmap here.
Register for my free Masterclass Rebuilding After Bankruptcy: Your Step By Step Success Plan here.

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.

Find out more about my next workshop Thriving Together: A 1/2 Retreat for Mums and Teen Daughters by clicking here

Previous Episode

Practical Steps I Took to Turn My Finances Around

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Important Links

Get your free downloadable Financial Recovery Roadmap here.
Register for my free Masterclass Rebuilding After Bankruptcy: Your Step By Step Success Plan here.

Louisa Larado shares the practical steps she took during her bankruptcy to improve her financial situation. These steps include opening herself up to better opportunities, learning new skills, creating multiple streams of income, streamlining her banking and expenses, living within her means, and working on her money mindset. By taking these steps, she was able to turn her financial situation around and create a better future for herself and her family.
Takeaways

Open yourself up to better opportunities to earn money
Invest time and money in learning new skills and educating yourself in personal finances
Create multiple streams of income
Streamline your banking and expenses
Live within your means
Work on your money mindset

Chapters
00:00 Introduction
03:43 Learning New Skills and Educating Yourself
13:57 Streamlining Banking and Expenses
24:58 The Game-Changing Step: Working on Your Money Mindset
29:53 Conclusion

Find out more about my next workshop Thriving Together: A 1/2 Retreat for Mums and Teen Daughters by clicking here

Next Episode

My Bankruptcy Recovery Roadmap: The Exact Steps to Get Back On Track

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Important Links

Get your free downloadable Financial Recovery Roadmap here.
Register for my free Masterclass Rebuilding After Bankruptcy: Your Step By Step Success Plan here.
Listen to Practical Tips to Improve Your Credit Score After Bankruptcy here.
Read the Barefoot Investor by Scott Pape

Summary
In this episode, the Louisa Larado shares her personal experience and provides a step-by-step approach to recovering from a financial setback such as bankruptcy. The first and most important step is to work on your mindset when it comes to money. This involves focusing on what you can control and practicing gratitude. Surrounding yourself with supportive and positive influences is also crucial. Other steps include assessing your financial situation, creating a realistic budget, monitoring your credit score, increasing your income through side hustles, educating yourself about personal finance, avoiding common financial pitfalls, and planning for the future.

Chapters
00:00 Introduction and Overview
03:19 Step 2: Focusing on What You Can Control
05:09 Step 3: Practicing Gratitude
09:46 Step 4: Surrounding Yourself with Supportive Influences
26:41 Step 7: Increasing Your Income
30:26 Step 8: Educating Yourself about Personal Finance
35:35 Step 9: Avoiding Common Financial Pitfalls
40:15 Step 10: Planning for the Future
Takeaways

Work on your mindset when it comes to money by focusing on what you can control and practicing gratitude.
Surround yourself with supportive and positive influences.
Assess your financial situation and create a realistic budget.
Monitor your credit score and avoid unnecessary debt.
Increase your income through side hustles and educate yourself about personal finance.
Avoid common financial pitfalls and regularly review and adjust your financial plan.
Plan for the future by setting long-term financial goals.

Find out more about my next workshop Thriving Together: A 1/2 Retreat for Mums and Teen Daughters by clicking here