Yes, your credit score will go up after a bankruptcy comes off your report, but how much it will go up is largely dependent on what you’ve done since you initially had your debts discharged.
Your rating will likely go up somewhere between seventy five and one hundred and fifty points, but again, this is largely dependent on what’s happened in your recent financial history. Shortly after your discharge is complete it’s important to start working on rebuilding your finances. You can start off with a secured credit card at your bank, work up to small secured or unsecured loans, and over the years graduate to unsecured cards and other endeavors, always making sure to make your payments on time and in full.
If you’ve done all of this over the years then your rating has probably already improved a great deal, and you probably have a good rating already. Once your bankruptcy comes off your credit score you are likely to go up to a great score, and have very few financial problems in the future.
On top of raising your rating seventy five to a hundred and fifty points, having this off your report will greatly help you when you go to apply for loans, insurance, or employment. When people look into your financial background a discharge on your report stands out as a giant black mark, which you will no longer have with you.
It is important to note that the discharge is still a matter of record, and people can find these things out. If you’re going for a high end mortgage, or a high paying job, your past may still come into play, but not often. Also, even in these cases, if you’ve built up a good history since then people will generally look past this.
About a month after things are supposed to age off your report you’ll want to get a copy and make sure that it has come off, mistakes do happen often with reports and you’ll want to have this taken care of, and you’ll probably also want to see how much your credit score has gone up after the bankruptcy comes off.
It is never too late to start improving your rating, so if it hasn’t come up as much as you had hoped there are still more things you can do, work on building a history of on time payments, and the rest will follow.
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