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The following article was published in our article directory on September 21, 2011.
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Are You Now Bankrupt? How It Can Hurt Your Credit Score

Article Category: Finances

Author Name: Gina Agnew

A great deal of things might have a bad effect on somebody's credit rating. Among these include late charge card payments, unpaid medical bills or apartment rentals, a really large debt load, and bankruptcy. During the past five years, increasing numbers of people have filed for bankruptcy, either as a consequence of the loitering recession, or because of personal financial blunders. While filing for bankruptcy might help a personal get a fresh start, it in addition has its share of long-term the down-side, especially on their credit score. Here is how bankruptcy can hurt your credit score.

Why Bankruptcy Is A Tough Thing To Handle

Bankruptcy brings more than sleepless nights and bad dreams for the person. It can also have a gloomy effect on their credit rating. Whenever a person who just filed for bankruptcy applies for mortgages and loans, it puts a heavy frown on the faces of creditors and lending institutions. Insurance premiums for people who've experienced bankruptcy are likewise more costly than for individuals who have stable financial records. A person who's experienced bankruptcy will also be branded as a hazardous customer, hence the rejection of their loan application. Before you file for bankruptcy, don't forget that bankruptcy is not a simple method out of your financial mess, as it will have serious implications on your credit record, and will also seriously hamper your company dealings with others.

Bankruptcy Lowers Credit Scores

Whenever an individual files for bankruptcy, their credit rating will automatically get a 200-point deduction, and this greatly has a bearing on their chances of availing for different loans. If a person did not have a satisfactory credit rating before bankruptcy, he or she will surely have a tough time rebuilding their credit rating, and rehabilitating their financial base within a reasonable time period. But if you are confident of restoring your financial image , and you are confident of rebounding from your financial troubles, bankruptcy ought not to be a ghost that will keep haunting you for years, as long as you take concrete steps to change your wasteful financial habits, and help your loan repayment capabilities.

Bankruptcy Also Taints Your Financial History

Other than wrecking your credit rating, bankruptcy also taints your long-term financial history, which will make things tough for you to do major transactions and business purchases. Availing a bank loan might be equally tough too, since the majority lenders will have second thoughts of offering their services to you, especially if they see your bankruptcy record.

How To Stay Afloat Despite Experiencing Bankruptcy

Whenever you would like to make a company purchase, or you wish to avail of a housing loan after a chapter of bankruptcy, here are some useful tips to follow. Look for lenders who still accept customers who have bankruptcy records, since there are several them that are in operation today. These lenders in general say yes to provide you a small loan, provided they see that you're able to rebuild credit worthiness within two or three years. All you ought to do is just wait for just two years after your bankruptcy, so that you can rebuild your financial base, and increase your credit rating as well.

Keywords: credit score, credit, bankrupt, managing credit, finance, loan, loans

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