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Home 9 Chapter 7 Bankruptcy 9 What are the benefits of good credit?

What are the benefits of good credit?

by | Feb 26, 2015 | Chapter 7 Bankruptcy

In our last post, we discussed a major mistake that many people who have gone through bankruptcy make: not taking steps to repair their credit.

Going through Chapter 7 bankruptcy sets you up to get back on track financially by wiping away most of your debts. However, bankruptcy itself doesn’t do anything to help your credit.

If your credit was bad prior to filing for bankruptcy, the act of filing might not have made it much worse. But if your credit score was decent before bankruptcy, the filing may have caused your score to take a big hit.

Either way, working with our credit repair attorneys to improve your credit score after bankruptcy is the best way to truly turn your financial situation around. Why is your credit score important? Well, here are just a few reasons from WiseBread.com

You are more likely to be approved for loans, and in a shorter amount of time. People with good credit are often approved quickly for a variety of difference loans, including mortgage and auto loans.

You will receive better credit card offers with lower interest rates. Obtaining a credit card with bad credit pretty much guarantees that you will be paying a fortune in high interest rates.

Your employment prospects may improve. Some employers look at applicants’ credit scores as part of the application process, and when they do they are more likely to hire people with good credit.

You may be able to save money on your insurance. Some insurance providers look at credit scores when determining what premiums should be and give lower premiums to people with better credit scores.

For more information on how to improve your credit score after bankruptcy, see our earlier post from this week.

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