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How can I boost my credit score after bankruptcy?

If you are like most people in New Mexico, filing for bankruptcy was never one of those things you expected to do in your life. However, if you are in a tough financial situation that you cannot find your way out of, it just might be that a Chapter 7 or a Chapter 13 bankruptcy could be the best solution for you. It is important for you to not look at this as a negative or shameful experience but rather as one that can set you up for a better financial future.

One of the things that many people hear about before they file for bankruptcy is that their credit could be negatively impacted if they complete a bankruptcy. The fact of the matter is that a person's credit probably already experiences some damage due to the tough debt problems they face. Any missed or late payments to credit card, mortgage loan holders or other creditors can lower a credit score dramatically.

As explained by NerdWallet, once you complete your bankruptcy, your debt-to-income ratio will improve. From there, you can take active steps to rebuild your credit. One good way to do this it to apply for a secured credit card. Use this card modestly and pay it off in full every month. You will likely see your score rise and then you may be able to apply for an unsecured card.

This information is not intended to provide legal advice but is instead meant to give residents in New Mexico some tips on how they can get their credit scores back in good shape after experiencing serious debt problems and experiencing a bankruptcy.

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