HOW CAN I MINIMIZE THE NEGATIVE EFFECT OF A BANKRUPTCY?

A bankruptcy is going to be factored into your credit score until it falls off of your credit report. While it may take up to ten years for a bankruptcy to fall off of your report, the impact of the bankruptcy will lessen over time.

If you plan to file a bankruptcy, here are some things you should do to make sure your creditors are accurately reporting the bankruptcy filing

Check your credit report to ensure that accounts that were not part of the bankruptcy filing are not being reported with a bankruptcy status.

Make sure your bankruptcy is removed as soon as it is eligible to be purged from your credit report.

After a bankruptcy has been filed, the sooner you begin retaining or re-establishing credit in good standing, the sooner you can expect your credit score to rebound.

A good practice is to obtain a secured credit card and continually make all of your payments on time. As time passes and the impact of the bankruptcy lessens, you might apply for a secured credit card and also continually make all of your payments on time.


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