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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.
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 Jim@KeaveneyLegalGroup.com
or by phone at 1-800-219-0939. I'm Jim Keaveney; have a wonderful day!
Philadelphia Office Phone: (215) 710-0713
Mt. Laurel Office Phone: (856) 270-7292
East Brunswick Office 197 State Route 18 South, Suite 3000 South
Hackensack, New Jersey, 07601 201-417-9588
Parsippany, New Jersey, 07054 973-559-6787
Red Bank, New Jersey, 07701-6749 732-733-6025
Totowa, New Jersey, 07512 973-559-6787
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To Learn more about this topic, and others, visit our educational legal blog at http://keaveneylegalgroup.com/attorney/keaveney-blog/