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Simple Ways to Raise Your FICO Score After Bankruptcy

Bankruptcy will affect your credit score. But, let's face it, your credit probably isn't that great right now anyways. However, you can immediately start rebuilding your credit after bankruptcy and increase your FICO score over time.

I read an article recently in The New York Times discussing the fact that people with high FICO scores have one important thing in common: They have low balances on revolving credit accounts and they make their payments on time every month. This is a relatively simple thing to do once you’ve gone through bankruptcy, since you walk out of it with a clean slate. Consistent payment history accounts for more than a third of your credit score, and low credit utilization accounts for about another third of your credit score.

So, through a plan that includes a low utilization rate on new credit cards (i.e., using no more than 20 percent to 30 percent of the limit) and making consistent on-time payments, you will be directly affecting factors that account for approximately two-thirds of your FICO score. (Don’t worry. You will be able to get new credit cards and loans after bankruptcy.)

Another easy, but important, way to improve your FICO score is to make sure your credit report is accurate after bankruptcy. Everything that was listed in your bankruptcy case should be removed. A San Diego bankruptcy attorney can help you identify these items.

Simpler than you thought, right? To find out more about how you can repair your credit after bankruptcy in Chula Vista, call my office at Denton Law Group today at (619) 458-3739.