Skip to main content
Melanie Donna Pennycuff

Melanie Pennycuff’s Answers

1 total

  • Can you improve your credit if you have filed chapter 7 bankruptcy?

    can you improve your credit if you have filed chapter 7 bankruptcy?

    Melanie’s Answer

    Of course you can. The bankruptcy discharge is, after all, a "fresh start". While the bankruptcy will remain on your credit report for 7 to 10 years, consider what your "credit" looked like before you filed. Many people find that their credit scores actually improve after bankruptcy. (Although, don't put too much value on your "score" which is just a number and means different things to different people.) You will also likely receive many unsolicited offers from lenders wanting to loan you money after your discharge is entered. BE CAREFUL as most of the initial offers you receive will have predatory interest rates or other terms. However, re-establishing credit by opening a new credit card or taking out a small loan and being careful to repay the same in a timely manner will begin to re-build and/or "improve" your credit after the bankruptcy.

    Good luck!

    See question