Whether your debt is still a constant struggle or you are already in the process of bankruptcy, you may have concerns that your credit score will never rise to useful levels, or may take a punishingly long time to do so. The good news is that your credit score can and will go up, if you consistently make certain financial choices, but the bad news is that these choices are rarely easy, and the process takes time.
Raising your credit score requires you to pay your bills in a timely manner, first and foremost. There are few remedies as effective at raising your credit score as paying your bills when they are due in full. In very broad strokes, your credit score is a complex measurement of your attractiveness to lenders, and lenders want to know that you are a person with a track record of paying your debts. When lenders see that you are less of a risk because you have established a pattern of paying your debts on time, your credit score adjusts to reflect this.
However, there are other factors that may also affect your credit score, which you can address directly. it is always possible that your credit score is lower than it should be because of some incorrect information in your credit report. If you want to do some credit score surgery, you may need to review your credit report and look for information that you believe you can dispute.
If you’re considering bankruptcy, but worry that it may tank your credit score forever, it is important to know that this is simply not the case. Credit scores do take a serious hit from bankruptcy, but only for a handful of years. An experienced bankruptcy attorney can help you assess your circumstances and determine if bankruptcy is a good fit for you, and discuss all your legal options.