Bankruptcy And Credit Repair
Bankruptcy is a word that most people hate to hear. Unfortunately, it is a financial reality for some people. There is something about bankruptcy that affects the very soul of the individual or the organization that has filed for it. However, there is light at the end of the tunnel, and that light is in the form of credit repair.
Bankruptcy and Credit Repair
Bankruptcy may be an inevitability for some people, but there is hope in terms of one’s credit score. There’s one financial myth that needs to be dispelled a financial myth: filing for bankruptcy will not ruin a credit score for the rest of one’s life. Yes, the filing will stay for close to a decade on your report, but it will not affect your chances of getting a new line of credit in the future. Some lenders may be a bit wary, but that can be expected.
The best way to bounce back from bankruptcy is to enlist a credit repair professional.
How Credit Repair Can Work For you
Before we get into this section, we would like to clarify one thing. Credit repair is not a magic wand that will erase the effects of your bankruptcy overnight. It requires some common sense on your behalf and a few practical steps, such as:
- Don’t Try to Get Bankruptcy Removed from Your Report
Bankruptcy listings are valid. Even if you challenge them, they will come back as being verified. Do not try to remove the listing, or believe that any credit repair agency can remove the listing on your behalf.
- Apply for New Credit
Why would you want to apply for new credit when you don’t have any money? The reason is that with a new line of credit, you can start rebuilding your financial score and your life. The rates will be higher post-bankruptcy, but it could be worth it if you responsibly manage the new credit.
- Make Timely Payments on the Other Accounts
Bankruptcy will not be listed on all your accounts. You can start improving your credit score by making timely payments on other accounts. These could include student loans or home mortgages. This action will act as a positive boost to your score.
- Cut Your Credit Card Spending
The lower your credit card spending post-bankruptcy, the easier it will be for you to get your FICO score back on track.
Bankruptcy is stressful, but you don’t have to suffer alone. You can reconstruct your credit, your finances, and your life post-bankruptcy if you have the right advisers and the right credit repair team. Experts at Action Credit Repair understand the processes of bankruptcy, as well as how to alleviate its effects.
Need help with your credit? Looking for advice from experts who understand bankruptcy in relation to credit repair? Contact us today to speak with an experienced professional: Call 518-945-2299 or email [email protected].