First of all, I would wait a few months and request a free copy of your credit bureau (by mail) to make sure your bankruptcy is no longer on your file. Hopefully all your creditors with negative ratings are all gone. If you have any creditors with good ratings, you should continue using them because the established creditor is good for your bureau. If you do not have any good creditors then you should try to apply for one or two creditors and keep them in good standing for at least 2 years before applying for more, if necessary. Personally I think 2 or 3 creditors are maximum you should have.
Yes you should see some movement in your score.
How many points your credit score will go up after bankruptcy comes off, will depend on where it was beforehand. Your credit score may improve drastically into the 600's, or it may still be low.
No, filing bankruptcy will never help improve your credit score, it stays on your report 10 years whereas a repo or foreclosure normally remain 7 years. So bankruptcy would only make your credit worse.
Yes, if you use it properly. Just getting one and doing nothing doesn't really help.
If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.
After 7 years, you can start rebuilding your credit.
Yes you should see some movement in your score.
will bankruptcy increase you credit score over time
How many points your credit score will go up after bankruptcy comes off, will depend on where it was beforehand. Your credit score may improve drastically into the 600's, or it may still be low.
No, filing bankruptcy will never help improve your credit score, it stays on your report 10 years whereas a repo or foreclosure normally remain 7 years. So bankruptcy would only make your credit worse.
Yes, if you use it properly. Just getting one and doing nothing doesn't really help.
If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.
Improve your credit score.
Credit scores are calculated and affected by the consumer's overall credit history. After a bankrkupcy entry is expunged the score will eventually improve but a specific answer as to the exact numbers is not possible.
No, a credit score is compiled from a consumer's complete credit history.
Having an overdraft does not improve your credit score. In fact, it can negatively impact your credit score if you do not manage it properly.
The fact of filing bankruptcy is already going to lower your credit score, and the point of bankruptcy, part of it anyway, is to resolve unpayable debt such as collection accounts. It is in your best interest to add the collection accounts to your bankruptcy, but if you consult your BK attorney, he is likely to advise you of this. The bankruptcy is the first next step in repairing your credit and improving your credit score.