Following bankruptcy or a foreclosure, one of the results will be a lowered credit score. In fact, this is one of the reasons why people are afraid to file for bankruptcy and do everything possible to avoid foreclosure. You need to be aware, however, of the fact that your credit score can be rebuilt. Not only that, but you need to be aware that when you are buried under debt, filing for bankruptcy might actually help you rebuild your credit score. If you are considering what to do, we advise that you talk to a bankruptcy lawyer in your area in order to determine what, if any, is your best option.
An important step to rebuilding your credit score is keeping on top of bills. Whether you have already filed for bankruptcy or are considering filing for bankruptcy in order to discharge your debts, your ability to keep on top of debt will make all the difference in getting your credit score back up. The next step you should take is getting a credit card. While this may seem like it would hurt your credit score, showing that you are able to keep up with payments on your credit card will actually help you.
Taking out more than one card is not advisable, as it could make it easier to fall back into debt. Having one credit card and repaying the balance monthly could be your best option. During this process of repaying your credit card, you will be able to request a status update of your credit score in order to keep track of how you are doing. Even if your credit score is a zero, with our help, it could only take one to two years to get your score back to normal.