Bankruptcy Can Help Improve Decreasing Chicago Credit Scores
Worried you have a bad credit score? You're definitely not alone.
More than a quarter of Americans now have a credit score of 599 or less, which categorizes them as a poor risk to lenders - that's 2.4 million more people than before the Great Recession, according to a recent report by FICO, Inc. That means more folks than ever will have trouble securing car loans, getting a good mortgage rate and qualifying for new credit cards.
But there's hope.
At the same time most scores are plummeting, the number of Americans with very good scores - 800 points or above - is on the rise. This indicates that a growing percentage of consumers have used the recession as an opportunity to cut back on spending and pay off debt.
No matter how dire your financial situation may seem, know that a credit card score is not set in stone. Yes, it's certainly easier to damage your score than it is to improve it, but with dedication and determination, you can make your credit rating the best it's ever been.
The fastest way to improve your credit score is to get a handle on the debt that is making it difficult to pay the bills. With less money tied up with debt balances and interest each month, you'll be much less likely to miss payments and max out your card - some of the most damaging mistakes you can make. If you've got too much debt to manage on your own, filing for bankruptcy might be your best shot at lowering debt and rebuilding your finances.
Bankruptcy has unfairly gotten a bad rap because it shows up on your credit report. But in the end, your payment behavior matters more than the method you used to lower debt. Want to know if bankruptcy is the boost your credit score needs? Our Chicago bankruptcy attorneys can address your questions and concerns at no cost when you try our free one-on-one debt analysis. You can't control the recession, but you can spark your own personal economic recovery simply by improving your credit.