Excellent Credit, Post-Bankruptcy

Excellent Credit Post-Bankruptcy

Excellent Credit, Post-Bankruptcy

Today we answer the question “Is it possible to have Excellent credit, post-bankruptcy?”

The answer is, Yes!

Bankruptcy has not traditionally been held as a recommended way to improve your credit score. However, despite the negative connotations usually associated with having filed for bankruptcy. It can be a really useful tool in helping you to get a fresh start financially by wiping away unsecured debt such as credit cards, medical bills, judgments, garnishments, etc. and it can actually have a very positive effect on your credit score.

According to FICO if you had a high credit score (780 or above) you are likely to lose 220 points or better at the time you first file. However, if you have a credit score of 680 then you’re only likely to lose about 130 points. So, much has to do with what your score is/was on the day you file for bankruptcy. No doubt this will be the day your scores drop the most.

After filing though, you will begin to see changes take place on your credit report, it looks a lot like a blossom in spring. One by one, accounts get closed, late payments get erased, and one by one the total amount of your debt begins to decrease.

Rebuilding After Discharge

After discharge, you will begin to get new offers for credit in the mail, and online. These little seedlings of new opportunities won’t be premium offers by a long shot, but they will be new opportunities to reestablish yourself financially and by handling these new opportunities responsibly they will work to help you rebuild your credit history.

Little by little your score will begin to rise and will eventually be able to mitigate any harmful damage done to your credit by initially filing for bankruptcy. It is possible to have Excellent credit, post-bankruptcy.

Contact Devon

If you would like to talk about how bankruptcy might be able to help you, please feel free to fill out the form below, or for more pressing questions please do not hesitate to give us a call at 720-515-9887.

You have questions.

We have answers.

Devon Barclay, PC

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