One of the aspects of bankruptcy that our clients most worry about after filing for bankruptcy is how their credit score will be impacted. It is true that bankruptcy can take a major toll on your credit score. In general, your credit score may dip anywhere between 100-200 points, but your situation may differ. However, bankruptcy provides you with the ability to start again. While many may feel pity that they have resorted to bankruptcy to clear their debts, you should embrace the opportunity to start fresh. You can begin rebuilding your credit soon after your bankruptcy finalizes. Although most bankruptcies remain on your credit history for at least seven years, you can build your credit score back up in no time. Your credit score can allow you to eventually make larger, loan-based purchases such as buy a car and buy a house. You may also need a higher credit score to rent certain properties, depending on where you are. To learn more about how you can improve your credit and why it is important to work on building your credit back, consult with our legal team for more information.
How Can I Improve My Credit Score?
There are various ways to improve your credit score following a bankruptcy. One of the simplest and most effective ways to slowly but sure rebuild your credit includes adding new credit to your history. You can achieve this by getting smaller consumer credit cards. You may not get an incredibly high amount of credit to start with on these cards but by utilizing them and making timely payments that cover the entire balance, you can see your credit score gradually increase over time. Maintaining a relatively low credit utilization percentage can also help improve your score over time as this shows that you aren’t completely reliant on credit usage.
Can an Attorney Advise Me On Improving My Credit Score?
Steven Holland has years of experience working with clients on debt relief strategies and starting fresh through bankruptcies. Over the years, he has gained insight into how credit can be rebuilt following bankruptcy. With his advice and the guidance of our law firm as a whole, you can build back your credit in no time, giving you the tools you need to a prosperous and joyous new financial future.
Should I Talk to an Attorney About Ways to Improve My Credit Score?
Sometimes, getting a helping hand from those who have been there and done that can make a major impact on your life. When it comes to rebounding from the effects of bankruptcy, getting all the information and advice you can get can help you in the long run. Call Holland Law Office today at 970-232-3097 for a free debt strategy session.