Life After Bankruptcy

Some people who have fought a battle to get a fresh start from unsecured debt do not want to consider taking on more credit. However, others find it necessary after a bankruptcy, for example, to rebuild their credit for the purpose of buying a house, applying for a job or getting financing for some other important life objective. There are proven ways, recognized in Mississippi and nationwide, for turning a bad credit record into a very good one.

The main quality to restore to the reporting agencies is anything that shows that one is paying his or her current debts on time. Whether it be a new secured credit card or a car loan that was maintained up to date during and after a bankruptcy, all debts must be paid on time. The lenders are generally conscientious about reporting these payments to the credit reporting bureaus.

Surprisingly, it doesn’t take several years for these types of accounts, if paid regularly without fail, to begin to increase one’s FICO credit score. The bankruptcy filing will erase all delinquent accounts and bad paying history from a person’s credit record. All that remains will be post-bankruptcy debts and those debts, such as mortgages and car loans, that were paid current both during and after the bankruptcy.

A combination of regular payments on both the new and the longstanding accounts will have a powerful and relatively quick impact on improving one’s credit score. Maintaining impeccable paying habits for two or more years can bring a destroyed credit record back into good standing, with continuing improvements thereafter. There is a forgiving attitude by creditors when it comes to consumer debt, especially in light of the massive economic problems suffered by so many families during the recession. However, for those Mississippi residents still fighting festering debt loads, and needing a fresh start with a clean slate, their strongest option for obtaining all of the pertinent information is to consult with an experienced consumer bankruptcy attorney.

Source:, “10 Tips for Improving Your Credit Score”, Ryan Vanzo, March 23, 2016

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