The act of filing for bankruptcy is the worst thing you can do for your credit score and the damage will last for 7 years. During that time it would be a real challenge to be approved for a home or car loan. In fact, even a simple small loan would be hard to qualify for.
Of course your creditors don't actually want you to file for chapter 7 bankruptcy either. If you do they will lose money. Sometimes debt becomes too much and discharging your debts through bankruptcy becomes the easiest and most simple way to relieve you from debt collectors. If exploring the bankruptcy option make sure you have a qualified bankruptcy attorney on your side.
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If you are able to steer clear of filing for bankruptcy there are a few things that you should do right away to improve your credit rating and standing with your lenders.
1. Make payments on or before the due date
On time payments are a reflection on your attitude towards the loan as well as your ability to pay down the debt. Creditors will regard you in a more positive light when you pay on time.
2. Get a free credit report
Your credit score is very important and will affect your standing in the eyes of creditors. Keeping your score above 600 will show creditors that you are responsible and capable of paying back a debt. However if you score is below 500 that would raise flags in the minds of creditors and if your score comes in below 400 that is detrimental to your financial standing and you would want to take immediate action to improve your score.
3. Consolidate Loans
Taking multiple debts and consolidating them into one loan is a great way to lower what you owe while also lowering your monthly payment.
Follow these tips to repair your credit and keep filing bankruptcy from becoming your reality.
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