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Bankruptcy’s Effect on Your Credit Report
How Will A Honolulu Bankruptcy Affect My Credit Score?
Our Hawaii Bankruptcy Attorney Responds
A common concern for people facing overwhelming debt is the effect that bankruptcy might have on their credit scores. While this concern is valid, the reality is that if you have unmanageable debt, if you are falling behind on payments and are facing foreclosure or car repossession, your credit score will reflect this already. Filing bankruptcy will, in the long run, actually help raise your credit score and offer you a fresh start to reestablish yourself financially. Our Hawaii bankruptcy attorney is one of the largest filers in the state, and he also offers debt negotiation and tax resolution services outside of bankruptcy. Blake Goodman can guide you through the best options to actually improve your credit score over time.
We Help You Rebuild Your Credit Score to 720 or Higher in 12 to 24 Months
At this point, you will have already taken the first set which is to get rid of the old, bad debt. The next step, replace old debt with new and better information. In 7 Steps to a 720 Credit Score, you will learn what credit cards to get and how to get an installment line that reports to the credit bureaus. Unfortunately, as you will learn in the program, 46 percent of credit cards will not help your credit score, nor will many installment lines of credit. Applying for the right credit cards and the right installment line is critical.
Here are some things to keep in mind:
You need to open three credit cards after your bankruptcy is confirmed (Chapter 13), discharged (Chapter 7) or Debt Settlement Plan is complete. Credit cards opened before the bankruptcy or debt negotiation plan should not be counted. In 7 Steps to a 720 Credit Score, you will learn about the best kinds of credit cards for people who have been through a debt relief program and will help you improve your credit score fastest.
To get the best credit score, you need to use your credit cards. Inactive credit cards do not help your credit score because they do not give credit-scoring bureaus any proof that you can manage debt. To keep your credit cards active and keep yourself out of debt, charge one thing on your credit card, and then pay your credit card balance in full.
Installment lines are harder to come by for people who have bad credit. For this reason, 720CreditScore.com has partnered with nationwide finance companies to offer a credit rebuilder installment line that approves 100 percent of clients, regardless of credit scores and jobs. Best of all, this payment will report to the credit bureaus as an installment line of credit.
This alone should have a 50-to 100-point impact on your credit score in 12-months.
We Understand and Can Help
Our Hawaii bankruptcy lawyers understand that times are hard, and that bad things happen to good people. We understand that a loss of employment, unexpected medical expenses or other typical life problems can put ordinary families in a world of hurt. We understand that bankruptcy can be a frightening process – but know that by calling our office, you are taking the first step to improve your situation. An experienced Honolulu bankruptcy lawyer can help you navigate the bankruptcy process and help you get on the path towards financial stability. Fill out our questionnaire or call our office directly at 808-528-4274 and achieve a new peace of mind.