You Can Improve Your Credit Score, Even After Bankruptcy
A lot of people worry bankruptcy will destroy their credit. But you absolutely can improve your credit score after bankruptcy, and we help make it easy for you.
Bankruptcy is a great opportunity to clean your financial slate from debt and then re-establish and rebuild your credit the right way.
To help you do that, our firm has access to a great resource. The 7 Steps to 720 program helps you rebuild your credit to a 720 (an A rating), in one year. And that’s even after a bankruptcy.
This program, which we offer free for our clients, will teach you:
- How to rebuild your credit the right way
- Why most credit scores are wrong
- Which credit cards actually hurt your credit score
- How to stop lenders that report the wrong information
- How to re-establish your credit after a bankruptcy, foreclosure or short sale
We offer this program for free because we want your bankruptcy to be a success.
To find out more about this program, contact us online today to talk to an attorney or call us at (901) 327-2100.
FAQ About Improving Your Credit Score
If you’ve recently filed bankruptcy and are wondering how to start over with your credit, don’t feel hopeless. It can take time to see changes in your credit score, but that doesn’t mean there aren’t things you can do today to improve it in the future. If you have questions about how to improve your credit score after bankruptcy, here are five of the most frequently asked questions we hear from our clients who have gone through this process and are starting over with their credit scores.
How Can I Improve My Credit Score After Bankruptcy?
There are a few things you can do to improve your credit score after bankruptcy. First, make sure you keep updated on all your current debts and make payments on time. Additionally, try to avoid opening any new lines of credit and only use credit when absolutely necessary. Finally, work with a credit counseling or credit optimization service to help you get back on track.
What Are the Most Important Factors in a Credit Score with Regards to Bankruptcy?
There are a few key factors to look at when trying to improve your credit score after bankruptcy. First, look at your payment history. Have you been making timely payments on your debts? This is the most important factor in a credit score. Second, look at the amount of debt you have. The less debt you have, the better your credit score will be. Third, look at the length of your credit history. The longer you have been using credit, the better your credit score will be. Fourth, look at the types of credit you have. Having a mix of different types of credit (such as installment loans and revolving lines of credit) can help improve your credit score. Fifth, look at any new credit you have acquired since filing for bankruptcy.
Is Bankruptcy Reported on Your Credit Report Forever?
Yes, bankruptcy is reported on your credit report for up to 10 years. However, that doesn’t mean your credit score will be affected for that long. In fact, you can start rebuilding your credit as soon as the bankruptcy is discharged. The impact of bankruptcy on your credit score will lessen over time. You can start taking steps to improve your credit score right away, and with some effort, you should see a noticeable difference within a few years. One of the quickest ways to improve your credit score is to get a secured credit card and make all of your payments on time.
Why Do I Have Bad Credit even though My Score Is High?
A high credit score is no guarantee that you won’t have bad credit. In fact, a high credit score can actually work against you if you have bad credit. That’s because a high credit score means you’re more likely to be approved for new lines of credit, which can lead to more debt and more late payments. Bankruptcy will stay on your credit report for seven to ten years, but that doesn’t mean your credit score will never improve.
How Long Does It Take to Improve My Credit Score after Bankruptcy?
Depending on the severity of your bankruptcy, it could take a few years for your credit score to improve. However, there are things you can do to help improve your score more quickly. For example, you can get a secured credit card and make all of your payments on time. You can also work with a credit counseling service to help you get back on track.
To learn more about how to improve credit after filing for bankruptcy, join our program here at Darrell Castle & Associates today!