Improve Your Credit Score After Bankruptcy
It is true that your credit will take a hit right after filing for bankruptcy. Chances are you had circumstances that forced you into filing bankruptcy. Those same circumstances probably had caused your credit score to plummet. Our Las Vegas bankruptcy attorney can show you how to improve your credit score after bankruptcy. We have honed in a program that guarantees a 720 credit score within 12-24 months after filing for bankruptcy. Not only do we want to help you get rid of your debt, we have programs that will improve your credit score after filing for bankruptcy.
Rebuilding Your Credit After Bankruptcy
While filing bankruptcy is not good for your credit, filing bankruptcy may also be the first step in rebuilding your credit. If your credit cards are “maxed out” and you are facing wage garnishments, repossessions, legal actions and harassing phone calls and letters from debt collection agencies, your credit score is probably already impaired.
A bankruptcy filing will remain on your credit report for seven to ten years. However, often within a few months of discharge you can start rehabilitating your credit, provided you have sufficient regular income. Within a few years, you may be able to get a mortgage on a home.
Credit Cards After Filing Bankruptcy
Many people who have received a discharge of their debts in bankruptcy may be hesitant to use credit cards. However, prudent use of a credit card following a bankruptcy can help you to improve your credit score. You can do that by obtaining a credit card that is backed by cash deposits, or a secured credit card. After making regular payments on that credit card for a period of time, you may be able to change it to an unsecured or regular credit card.
After obtaining a bankruptcy discharge, you will not be eligible for another Chapter 7 bankruptcy for eight years. For some creditors, this actually makes you a better risk, since bankruptcy is no longer an option.