Increase Credit Score
One of the biggest benefits of bankruptcy that people tend to frequently overlook (or are unaware of) is the positive impact that bankruptcy can have on your credit score. Bankruptcy can actually have a very positive impact on your credit score.
What Happens to My Credit Score After Bankruptcy in San Diego?
What happens to your credit score after bankruptcy in San Diego depends a lot on where your credit score was before bankruptcy. If you had a very high credit score (for example, an 800 credit score), then filing bankruptcy will definitely lower your credit score. It will take a while to get back up to an 800 score. But if you are filing bankruptcy, you have probably had some financial misfortunes and don't have an 800 credit score. If you had a lower credit score before bankruptcy (for example, a credit score in the 500s), then bankruptcy can increase your FICO credit score. This assumes that you practice good credit habits after bankruptcy.
How Long To Have 600 Credit Score?
How long does it take to have a 600 credit score? If you practice good credit habits, you can usually expect to have a 600 credit score after bankruptcy within about one to two years after your case is filed and you receive a discharge.
How Long To Have 700 Credit Score?
How long does it take to have a 700 credit score? After reaching a 600 credit score, one to two years after bankruptcy, if you continue to practice good credit habits, your credit score will continue to gradually increase. By continuing to pay all of your bills on time, and properly establishing new credit, you can often attain a 700 credit score after bankruptcy within about 4-5 years after your case is filed and you receive a discharge.
Am I Guaranteed a Higher Score?
Can a bankruptcy attorney guarantee you a particular credit score after filing bankruptcy in San Diego? No. Nobody can “guarantee” you a particular credit score. No one has a crystal ball or knows how the FICO credit score algorithm may change or evolve in the future.
The most you can do is base your decision on concrete facts at your disposal. The reality is that most of our San Diego County clients at Bankruptcy Legal Center have a credit score in the low 600s, or higher, within one to two years after they file bankruptcy. Some of our clients have a 700 credit score within 2-3 years after their case is filed and they receive a discharge.
So while nobody knows for sure what the future has in store, it’s a pretty good bet that you’ll have a similar experience to many of our clients in San Diego and enjoy at least a 600 credit score soon after your case is filed and you receive a discharge. And if your score is currently in the 500s, then that is, without question, an improvement in your credit score.
Help Increasing Credit Score
One of the things that an experienced San Diego bankruptcy lawyer will be able to show you is how to practice good credit habits so that you can rebuild credit and increase your credit score as rapidly as possible. There are a few simple tips you can follow to help improve your credit score after a bankruptcy filing, such as paying your bills on time, reaffirming car loans, and reestablishing new credit. You should discuss these tips with your lawyer.
Contact Bankruptcy Legal Center to set up your free consultation with a San Diego bankruptcy attorney to learn how you can increase your FICO credit score after bankruptcy.
