Posted by Lily Mei
By Liz Pulliam Weston
Almost anyone can get credit soon after a bankruptcy. It's just a matter of knowing how.
It's true that bankruptcy deals a devastating blow to your credit and your credit score, the three-digit number lenders use to gauge your creditworthiness. But the effects don't have to be lasting.
Long before the bankruptcy drops off your credit report, you could be qualifying for loans with good rates and terms.
Nothing is forever
Ken from Chicago filed Chapter 7 liquidation after unemployment and overspending caused him to rack up more than $20,000 in credit card and other unsecured debt. Four years later, his credit scores ranged from 655 to 719, decent numbers that are just below the cutoff to get most lenders' very best rates.
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I thought this was very interesting, because we have been talking about how bankruptcy will kill your credit forever. So this article was a more positive outlook.
ReplyDeletePosted By, Meredith Anderson