Articles & News About Your Credit

Bankruptcy and Raising Your Credit Score

Filing for bankruptcy used to have a social stigma attached to it, but nowadays, a filing is so common that few people think about it anymore. Growing numbers of Americans file for personal bankruptcy each year. The explanations for filing for bankruptcy can be many - loss of job, illness, or just a run of bad fortune. U.S. law permits individuals who can provide evidence that they just cannot pay their bills the opportunity to have those debts forgiven in court. Having your debts relieved is not necessarily easy; one must pay a price for getting a new start. The filing will remain on your credit report for nearly ten years. The wiped out bills become taxable income.

There are companies that will extend charge cards to people who have recently returned from bankruptcy court. Your card will cost more than the average card, and you'll have to pay higher interest rates, but you can get credit after a bankruptcy filing. These companies do not offer credit to the recently bankrupt to be kind; they know that once you emerge from court, you can't file for bankruptcy again for another eight years.

Below are a few things that could help you improve your FICO score after a bankruptcy filing:

Ask for a higher credit limit. Credit bureaus use a figure called a debt-to-credit ratio when establishing a FICO score, measuring how much debt you have when compared to how much you can potentially owe. Ideally, you want to owe as little as possible when compared to your total available limit. Your FICO, or credit score is determined, in part, on the amount of purchasing power available to you. The greater your limit, the better your debt-to-credit ratio. An improvement in your limit can help that right away.

Get a major bank card. When possible, you ought to apply for credit card accounts from larger providers, as they tend to carry more authority" with the bureaus. A credit card from Citibank can improve your score more than an account from Your neighborhood bank. The big banks aren't going to offer you an account immediately; you'll have to begin with expensive accounts from small card-issuing banks.

Acquire the expensive charge cards when they are offered and use them responsibly; you may have little other choice. Make regular purchases and make the payment promptly. Submit your payment in full if possible, so that you do not have to pay the outrageous interest rates that you will undoubtedly be charged.

It can be tough recovering from bankruptcy, but it is possible. Reestablishing financial responsibility takes time and effort, but in time, it is possible.

?Copyright 2007 by Retro Marketing. Charles Essmeier is the owner of http://www.Retro-Marketing.com, a firm devoted to affiliate marketing, and http://www.YouEndDebt.com, a site about debt consolidation, credit reports, and credit cards.

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