How Long Do Bankruptcies Remain on Credit? —powered by eHow.com
Credit Repair Tips After Bankruptcy:
This post comes from Britt Klontz at partner site Credit.com.
Declaring bankruptcy is a decision that affects not only your finances but also your credit score. While your score may decrease after financial hardship, there are practical and real ways to improve it and get back on a better financial path.
Before you start taking steps to fix your credit score, it is important to know what the score is and why it’s so important to your financial future.
When you apply for any type of credit — credit cards, car loans, mortgage or rental agreements, student loans — the financial agency first looks at your credit history to determine if it should lend to you. Many lenders use FICO scores as part of those decisions. If your FICO scores are in the mid-700s or above, that generally means you have good credit and it shouldn’t be difficult for you to get approved, provided you meet lender’s other requirements.