Are you concerned about the effects a bankruptcy
could have on your credit? Are you wondering if you’ll be able to rebuild your credit score
once your bankruptcy is discharged? Today I’ll talk to you about how to get your credit
score back on track after a bankruptcy. Hi, I’m Jim Keaveney of Keaveney Legal Group.
We’re a New Jersey and Pennsylvania based law firm that focuses on helping clients that
need a financial fresh start. Often, our clients are concerned about the effects a bankruptcy
could have on their credit. Many people wonder if they can rebuild their credit after having
to declare bankruptcy. Fortunately, the answer is yes. While bankruptcy
will have a negative impact on your credit rating, and could remain on your credit report
for as long as 10 years, it’s definitely possible to improve your credit rating after a bankruptcy.
Many people don’t realize that a credit score is more than just a number. In reality your
credit score is based on many things including the amount of available credit you have, how
many open lines of credit you have and many other factors. The first thing to do is get a copy of your
credit report. Make sure everything listed on it is accurate and, if not, contest the
incorrect entries. The credit reporting agencies all have processes to dispute inaccurate information.
Some accounts might still be showing as open even after a discharge in bankruptcy, so you
will want to have those errors corrected first for a quick and easy bump to your credit score. The next thing to do is to start slowly rebuilding
your positive credit history. One easy way to do that is with a credit card. There are
several credit cards available for people that have experienced bankruptcy. You may
have a low spending limit, but that’s fine for a start. Make small purchases each month
and don’t exceed half of your credit limit. Then, it’s important to pay off the entire
balance on your card each billing cycle. That helps you avoid finance charges and build
positive credit. Within a few months, you may be eligible to request an increase to
your credit limit. Repeat that process and before long your credit limit will be much
higher, and your credit score greatly improved. Of course, you’ll also want to make sure that
your bills are being paid on time. The combination of being on-time with your credit cards, having
steady income, and low utilization of that credit card are the keys to rebuilding your
credit score. In many cases, you can get your score very high again just months after a
bankruptcy simply by following these straightforward principles. If you have any more questions about rebuilding
your credit after bankruptcy do not hesitate to give us a call. At Keaveney Legal Group,
we help clients get their financial lives back on track. We’d be happy to discuss your
situation with you and answer your bankruptcy questions in a free, no obligation consultation.
You can reach me by email at [email protected] or by phone at 1-800-219-0939. I’m Jim Keaveney;
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