A New Jersey bankruptcy clearly has a negative impact on your credit score. In other words, a bankruptcy filing will definitely reduce one’s credit score. The lower one’s credit score at the time of the filing, the less the bankruptcy filing will impact a credit score. However, typically after a bankruptcy discharge, a person’s credit worthiness increases substantially.
The basics of one’s ability to obtain credit with a low interest rate is virtually common sense. What does a prospective creditor look at to determine whether a creditor will lend money and the amount that will be lent? Typically, they will consider the borrower’s income, debt, expenses, credit score, and assets. A credit score is only one criteria that is considered. Someone with an excellent credit score with a ton of debt and a low paying job, is typically not a good candidate for a loan.
After a bankruptcy discharge, a person can rebuild their credit score with some easy strategies.
You may contact Robert Manchel, experienced NJ bankruptcy lawyer, at (866) 503-5655, to discuss how bankruptcy will impact your credit and how bankruptcy protection may apply to your personal situation.