After declaring Chapter 7 or Chapter 13 bankruptcy, it’s almost a certainty that you’ll have a long road to travel before you’re back to a rehabilitated credit score. What’s uncertain, however, is how slowly or quickly you’ll travel down that road. Depending on decisions that are within your control, you can significantly shorten the length of time you spend suffering under constrained credit and unusually high interest rates.
Sure, some steps to rapidly improving your credit score like paying your bills timely or reviewing your credit score are pretty obvious. However, other choices like opening new, small lines of credit or applying for a new loan may seem counterintuitive, but they can be the right move at the right time.
Why expand your credit options in the wake of trouble managing credit? For the responsible debtor, it can be a smart decision. Your credit score is generated in part by a proven history of prompt payments. So, the best way to create that positive credit history is to make it – one timely payment at a time.
Rebuilding your credit score is just one of many financial considerations you should address as you think about how to escape your family’s money troubles. There’s plenty more to think about. Fortunately for you, the attorneys at the Dallas law firm of Fears Nachawati can answer your questions and help you head down the right path. Contact us today for your free consultation.