Not long after a bankruptcy is filed the debtor ends up inundated with credit card offers. A common question we receive is “should I get a credit card?” We thought it would be appropriate to address this question at large so you can understand the practical effect and consequences of obtaining a credit card, or […]
REBUILDING YOUR CREDIT FOLLOWING A BANKRUPTCY DISCHARGE
Many people think that the act of filing bankruptcy will affirmatively prevent them from re-establishing their credit; that their life, in essence, is over, but this could be further from the truth, and, in fact, the opposite is true. A bankruptcy will not prevent you from obtaining new credit following a bankruptcy discharge. In the […]
Credit Scores Trend Upward After Bankruptcy
Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman After bankruptcy, credit scores go steadily up, says a 17 year study released by the Consumer Financial Protection Bureau. Got that? Go UP. Every year. Importantly, credit scores start improving the same year that the bankruptcy is filed. Think on that for a moment. Creditors and […]
Freezing Credit Will Now Be Free. Here’s Why You Should Go for It.
Submitted by Lee M. Perlman, New Jersey Bankruptcy Lawyer. Consumers will soon be able to freeze their credit files without charge. So if you have not yet frozen your files — a recommended step to foil identity theft — now is a good time to take action, consumer advocates say. Security freezes, often called credit […]
How to raise your credit score after bankruptcy
Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman. Q. I have a 525 credit score. I own a house, car and truck with all my other debt paid off the in last three months, and I have a bankruptcy coming off after 10 years in March. What should I expect for a score? — […]
Bankruptcy timeline: Rebuilding credit
Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman You’ve filed for bankruptcy. Now it’s time to start rebuilding your credit. It will be hard to get credit at the start, but it won’t be impossible. The bankruptcy on your record means you will have to pay more to borrow money, since you’ll probably be […]
6 Habits of Consumers With Excellent Credit Scores
Useful advice for managing your credit score. Submitted by New Jersey Bankruptcy Attorney, Lee Perlman. A healthy credit score is almost essential for comfortable living these days. Without credit, it’s nearly impossible to get an auto loan, mortgage, or personal loan if needed. Interest rates are excessively high for those who have limited or bad […]
Your Credit Score: Updates You Should Know
With a new version of the leading FICO credit score working its way through the lending industry, borrowers who have wrestled with medical debt and others who have only a limited credit history might find their scores have improved when they apply for future credit cards or auto loans. FICO Score 9 was rolled out […]
The Quickest Way to Build Credit Using a Secured Credit Card
If you’re like a lot of Americans and need to build or rebuild your credit score, then a secured credit card is a good option for two big reasons. Unlike standard credit cards, secured cards generally don’t require a stringent credit check (i.e. you can usually have a very low credit score and still […]
Credit Scores Could Rise With FICO’s New Model
The creator of one of the most widely used and influential credit scores, FICO, said on Thursday that the latest version of its score would no longer weigh medical debts — which account for about half of all unpaid collections on consumers’ credit reports — as heavily as it did in previous iterations. The newer […]
