Friday, November 11, 2016

Rebuilding Credit After Bankruptcy – Understanding Credit Scores

"As a Bankruptcy Lawyer, I have the firsthand understanding of the great benefits coming your way as a result of your decision to file for bankruptcy."  Regardless of the reason that lead you towards bankruptcy; the good news is that you now have a NEW beginning; a fresh start. 

In most situations, your credit score after bankruptcy actually improves.  One of the keys to rebuilding your credit can first start with understanding credit scores.  A credit score is a numeric statement which is presumed to describe your ability to manage your finances.

Credit scores can range from 300 to 850.  Financial Institutions measure that the higher the score, the lower the risk of their investment in you.  A credit score is generated by your past performance; and that past performance generates a score that is supposed to predict your ability to manage credit and your debt.

Bankruptcy is about cleaning up that past performance.  This is why after your bankruptcy is discharged; with a credit report that highlights your historical borrowing patterns; bankruptcy gives you a sweepingly fresh start – thus increasing your credit score when you begin your new patterns of borrowing.

Check out more valuable information about Guam's Laws and working with Mark Williams, Guam's Best Lawyer, on Dededo Law Office's website,