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Nashville Bankruptcy and Your Credit

If you have questions about how to rebuild your credit after filing for Nashville bankruptcy, you are not alone. While bankruptcy cannot always be avoided, you can and should be concerned about what you can do to improve your credit score after filing.

As you may know, most lenders use your credit score or credit profile to decide whether or not to extend credit to you.   In the past, a loan officer would personally review your credit report when deciding about whether to extend credit.   In recent years, however, both the credit bureaus and lenders have relied more on something called your “credit score” to decide whether to extend credit and at what rates.

Your Credit Score and Bankruptcy in Nashville, TN

The credit bureaus calculate your credit score by giving a numerical value to the various positive and negative elements on your credit report.  Each of the three major credit bureaus has its own secret formula, but generally, you can expect your credit score to range between 300 and 850.  A credit score over 800 is excellent, a score over 750 is very good, a score over 700 is acceptable, and scores below 600 will result in credit denials or high rates.

Your Nashville bankruptcy will have a negative impact on your credit score, but not as much as you may have expected.  It appears that the recency of your bankruptcy may be a factor; therefore, the damage caused by your bankruptcy right after filing is worse than the damage six or eight months later. If your bankruptcy eliminates debts, it can also improve your debt to income ratios.  The bottom line: in many cases you can restore your credit after a Nashville bankruptcy, sometimes in as little as 8 to 12 months.

In this section, you can find information about how to obtain copies of your credit reports for free, how to challenge derogatory (damaging) entries, and the steps you can take to buy a house or a car after filing either Chapter 7 or Chapter 13 bankruptcy in Nashville, TN.

If you have been avoiding filing for bankruptcy because of concerns about its effect on your credit score, we hope this information will give you the assurance you need to proceed. Though Nashville bankruptcy can temporarily lower your credit score, it also gives you a fresh start to begin rebuilding. If you do not find the answers you need here, or if you require additional information, please use contact us using our online form or call us at 615-831-7003 or to speak to one of our Nashville bankruptcy specialists or schedule your free consultation.

• How to obtain your credit reports

• How to challenge a derogatory entry

• Specific steps to rebuild

• Buying a house during a Chapter 13


• Buying a car during a Chapter 13

• Buying a car after Chapter 7

• Buying a car after Chapter 13  

 

Learn more about how Nashville bankruptcy will affect your credit score. Get a copy of your credit report for free with help from Clark & Washington.


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