Credit Rehabilitation | FICO Score | Rebuilding Credit after Bankruptcy
Your FICO score determines whether creditors will lend you money, how much, and at what interest rate. The higher the FICO score, the better. As your debt to income ratio increases and you owe more money, your score decreases. Every late payment, failure to pay, or charge off, decreases your credit score. If you default on your loans without filing bankruptcy, your credit is likely to be so damaged that you will not be able to repair it by yourself.
Although it may seem like you will never get through this difficult time, the truth is there a many effective ways to restore and rebuild your credit. I can work with you one-on-one to restore your credit and help you get your finances back on track after filing for bankruptcy. In general, your FICO score will improve immediately after bankruptcy, as your debt to income ratio is greatly reduced or eliminated. Within a few short months you will start to see offers for credit cards, as these companies know that you will not be able to file for bankruptcy again for another eight years. Car loans will be available also, although many individuals prefer to wait because the interest rates will be better in time. Even home loans are available to clients who have filed bankruptcy in time. The myth that you can’t borrow or finance for “seven years” simply isn’t true.
Managing Credit after Bankruptcy
We have seen several thousand individuals file for bankruptcy and recover in a fairly quick manner. They key is understanding how to take advantage of “new credit” following the close of your case. Following a bankruptcy you obviously don’t want to put yourself in the same situation again, nor do you want to “fear” credit for the rest of the life. Believe it or not, you WILL receive new credit offers upon the close of your case. However, some of these offers will either help you rebuild your credit in a responsible manner and some will simply put you right back in the same situation.
Foster Law Offices, LLC understands the offers you receive and we know what works best when rebuilding your credit. We will work with you one on one to help establish your new, improved credit score. At the end of your case will assist you with any questions you may have as to credit rehabilitation. Contact Us Today.
Did you know? The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months. Visit www.annualcreditreport.com or call 877-322-8228.
Daniel P. Foster
Attorney Daniel P. Foster, President of Foster Law Offices, has helped thousands of individuals and small businesses get the debt relief they deserve. His firm is exclusively dedicated to the practice of bankruptcy and the initial consultation is always free.View Attorney Profile
Ronald E. Cook
Attorney Ronald E. Cook has more than twenty years of bankruptcy experience, serving as a judicial law clerk with the Western District of Pennsylvania Bankruptcy Court. He is experienced in all chapters of bankruptcy including Chapter 7, Chapter 13 and Chapter 11.View Attorney Profile