Building a 720 Credit Score After Bankruptcy
Indianapolis Bankruptcy Attorneys Help Make it Possible
Indiana Law Firm Assists Clients in Moving Forward Financially After Bankruptcy
Even though filing bankruptcy may make your credit score plummet and the filing will remain on your credit report for up to 10 years, there is hope. Many people find that after bankruptcy, making their monthly payments is much easier, and by following through with the terms of their bankruptcy, they can begin to rebuild their credit immediately.
Five Steps to Successfully Rebuilding Credit
Although there are many negative things about the credit-scoring system, any credit report can be fixed relatively quickly and easily by following some simple steps:
- Out with the old, in with the new. Credit bureaus consider the most recent information to be the most important, so as you reestablish credit and pay your bills on time, your credit score will improve, regardless of your bankruptcy history.
- Carefully consider credit card offers. Nearly half of all credit cards negatively impact credit scores for one simple reason – credit card companies report inaccurate information. Steer clear of credit card companies that do not report the correct information to all three credit bureaus.
- Keep your credit lines low. You need credit to get credit, but you don’t need a big credit limit to get a 720 score. A lower limit will help you keep your spending in check and keep credit card bills at a reasonable level.
- Fix high priority errors on credit reports, and don’t sweat the small stuff. Approximately 40 million Americans have errors on their credit reports, and fixing these errors is time consuming and difficult. Protect your time and boost your credit score by fixing only your highest priority errors.
- Know that banks aren’t on your side. As your credit score rises, you will be able to demand a lower interest rate from your bank. Banks pay credit bureaus billions each year to collect information about their clients, so the bureaus’ main priority is to keep the banks happy, not to make it easy for you to fix your credit score.
A 720 credit score after bankruptcy is possible, provided you educate yourself regarding how to successfully rebuild your credit. Let the Indianapolis bankruptcy law firm of Redman Ludwig, P.C. guide you through bankruptcy and help you to rebuild your credit and your life. Contact our firm online or call 317-800-6181 to set up your free initial telephone consultation today.