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Ways to Improve Your Bankruptcy Recovery Time

Statistics reveal that in 2017 more than 700,000 people filed for bankruptcy. While it is true that a bankruptcy can remain on a person’s credit report for up to 10 years, there is no reason for a person to wait to begin taking steps to reduce the negative effects of bankruptcy. Instead, if you have a plan and follow it responsibly, it is possible to recover from bankruptcy much more quickly than 10 years. With the assistance of a skilled bankruptcy attorney, you can even create a strategy to quickly build up your credit. Use a Secured Credit Card to Raise Your Credit Rating After bankruptcy is discharged, many people benefit from opening secured credit cards that do not charge annual fees. As these people rebuild credit, it is a wise idea to place at least one charge a month on the card. Once the credit card statement is received, you should then make sure to pay off your balance each month on time. Using a credit card in such a way is one of the easiest and quickest ways that you can improve your credit rating. Join a Free Monitoring System To make it easier to understand the pace [...]

2018-08-31T17:17:13+00:00Tags: , , |

Steps to Quickly Improve Your Credit Score

For people who have struggled with debt and/or bankruptcy, their credit score plays an important role in helping them obtain a new car, mortgage, or even a new job. While one of the best steps that people with credit card problems can take is to obtain the assistance of a knowledgeable attorney, it is also good advice to understand the various available ways to improve your credit rating. Ask for a Credit Line Increase Rather Than a New Card Requesting an increase in your credit limit is a better idea than obtaining a new credit card because each time a person fills out an application for a new credit card, a company will check his or her credit. The mere presence of an error on a person’s credit report will not automatically weaken that person’s credit rating. Some of the major factors that can be associated with a person’s credit rating and impact his or her credit score include payment history, amount of debt, age of accounts, account mix, and history of credit applications. Create a Plan to Improve Your Credit Score If the information reflected in your credit report is accurate and you want to take plans to improve [...]

2018-03-12T13:05:26+00:00Tags: , , |