Are you having tremendous amount of debt and wondering if bankruptcy is the right decision for you? If it is, how can you fix credit score after bankruptcy?
If you are really way behind on your payments, have a hard time making payments and your debt is so large that there's no way you can manage it any more, bankruptcy may be the only choice for you.
For people who have bankruptcy record on their reports, it is critical to get credit repair help and fix credit score as soon as possible. Believe it or not, credit repair does make a huge difference after the bankruptcy has been discharged.
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So, if you decide to go for bankruptcy route, your next step will be credit repair.
Please note that your bankruptcy record will stay on your credit report for a while. However, by starting the repair process, you are pushing the credit bureaus to clean up your report. As soon as you see your account is discharged, the previous status is canceled out and the account can not be listed as collection or with a balance.
One thing you should understand is your credit repair won't happen by itself, you need to start the process. Your bankruptcy lawyer will only send the appropriate document to the credit bureaus and get it started, but the credit bureaus hardly act in accordance with right away.
Fix credit score as early as you can
The FICO scoring system does place significant positive weight on new accounts which are opened after bankruptcy. If you're financially allowed to open one or two of the small secured credit cards, it will get you a fresh start on rebuilding your credit.
It is very easy to apply for secured credit cards. Most of the creditors require a small amount of security deposit which is typically equal to the limit on your new card.
Shop around and find out if there are any hidden fees or charges when you use the card. Some credit repair companies provide assistance and suggestions on how to choose the best cards. Once you receive your new card, keep the balance low or pay it off, and make sure you always pay your bill on time, all the time.
Bankruptcy does have huge negative impact on your credit rating; however, it is possible and actually not that difficult to fix credit score after bankruptcy. Start the process today and you will be on the right path to see your score soaring again.
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