Bankruptcy and Keeping a Good Credit Score is Possible

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Bankruptcy and Keeping a Good Credit Score is Possible.

Filing bankruptcy and keeping a good credit score is possible. But there’s a trick. You need a great credit score until you file bankruptcy. According to Fico, filing bankruptcy will knock your score down by around 240 points.  Fico scores a persons credit on a scale from 300 to 850.

Learn more. Learn fast. Call Bayer Wishman & Leotta right now. Free 30 minute consultation.

Longer time if needed. Tel. 800-477-3111.

Bankruptcy and Keeping a Good Credit Score is PossibleSuppose you file bankruptcy with a score of 850.  The bankruptcy will reduce your score to around 620. While not great, your credit is stil far from the bottom. An average score is around 665. There is plenty of new credit available to you with a score in the low 600’s. Bankruptcy and keeping a Good Credit Score is possible. A 620 credit score will get you a decent car loan. And, a 620 score becomes a great platform to build on. A fast way to rebuild is reaffirm a major secured debt. And, reaffirming your car loan is often neccessary. Many lenders require you to reaffirm. Or else they will pick up your car.  But Bankrate.com  says reaffirm your car loan and you can expect steady improvement on your score. Of course, you have to stay current. So, you get rewarded for doing what you had to do.

Find out more about reaffirming a debt in bankruptcy.

What credit does a mid-600 score get you? Buy a home. Rent an apartment.

credit score of at least 660 will qualify you for a decent mortgage rate, according to Homeguides. They also say a credit score of at least 620 should allow you to rent an Bankruptcy and Keeping a Good Credit Score is Possibleapartment.

Can you get unsecured credit cards with a mid-600 score? Take your pick.

According to Arrive.com, here are the best deals on credit cards if you have a credit score of 600 to 649:

Capital One® Classic Platinum Card – The Capital One® Classic Platinum Card is an excellent choice for applicants with fair credit; it offers an introductory 0% APR on purchases and a low $29 annual fee. Learn more » Harley-Davidson® Visa® Credit Card — Earn 3 points for every $1 spent at Harley-Davidson® dealerships and 2 points for every $1 spent at gas stations, restaurants, bars, and lodging merchants. No annual fee, plus chances to win a new Harley every month. Learn more » Capital One® QuicksilverOneSM Cash Rewards Credit Card — Earn unlimited 1.5% cash back on every purchase, every day. No rotating categories and no sign ups needed to earn cash rewards. 0% introductory APR. $39 annual fee. Learn more » Capital One® Platinum Card – The Capital One® Platinum Card is another excellent choice; it has no annual fee the first year and is just $19 after that. Learn more » Barclaycard® Rewards MasterCard® – Average Credit — The Barclaycard® Rewards MasterCard® for applicants with average or limited credit provides a 0% APR for six months and 2 points per $1 on gas, grocery, and utility purchases and 1 points per $1 everywhere else. Learn more » Capital One® Card Finder Tool — Undecided? Try the Card Finder Tool will find the best credit cards from Capital One® available to you without affecting your credit score. Then, get an approval decision in just 60 seconds. Learn more »

Does the type of bankruptcy you file affect your credit score?

How does FICO scoring treat Chapter 7 and Chapter 13 Bankruptcies?

ANSWER: They are viewed the same. 

The FICO scoring formula treats both Chapter 7 and Chapter 13 Bankruptcies similarly in terms of how they affect one’s FICO score. Thus, it won’t make any difference on your credit.

Learn more. Learn fast.

Call Bayer Wishman & Leotta right now.

Free 30 minute consultation.

Longer time if needed. Tel. 800-477-3111.