7 Steps To A 720 Credit Score

7 Simple Steps to a 720 Credit Score!

The Sacks and Sacks Law Firm has been helping clients for decades, and these are people who are worried about their future because of bankruptcy and what will happen to their credit as a result of this debt relief. Many mistakenly believe a 720 credit score is not possible after a bankruptcy discharge, especially within a year or two.

Survival in the world today is almost impossible if you have poor credit. Employers typically run a credit check, it is very difficult to rent an apartment or buy a home unless you have good credit. Even a car loan is usually out of the question if your credit score is low.

In our many years of experience with clients who file for bankruptcy protection and debt relief we have found that recovering from poor credit and getting a 720 credit score a few years after bankruptcy is not difficult when you know the right steps to take.

At Sacks & Sacks Law Firm we have been helping clients rebuild credit and get their financial life back on track using the 7 Steps to a 720 Credit Score program. These steps are critical if you want to achieve a fresh financial start after your bankruptcy discharge is granted. Otherwise, you will end up with no credit, which is just as bad as poor credit if not worse.

7 Steps to a 720 Credit Score Explained

1. Credit Lesson #1: Dispute Credit Report Errors

You should review your credit reports every year to rebuild credit, prevent poor credit and a low credit score, and ensure that everything these crucial reports contain is accurate. If you have declared bankruptcy because of needed debt relief then a fresh financial start and a 720 credit score is possible, but only if you dispute any errors on your credit reports.

After your bankruptcy is discharged your debts are eliminated, and your credit reports should reflect this. If there are any errors or outdated entries on your credit reports then these should be disputed in writing. The Fair Credit Reporting Act (FCRA) governs any disputes and the credit agency only has a specific amount of time to determine whether the entry is accurate or not.

2. Credit Lesson #2: Rebuilding Credit with the Right Credit Cards

If your goal is to rebuild credit and achieve a 720 credit score then the right credit cards, and responsible credit card use, will help you do this in less time than you may think. In addition to helping poor credit and raising a low credit score there are many other benefits offered with credit cards as well.

Paying your credit cards on time each month, keeping your balances as low as possible, and using your credit cards responsibly will help you get the fresh financial start that bankruptcy promises, and a 720 credit score within a few years.

3. Credit Lesson #3: Rebuilding Credit with an Installment Line

An installment line, also commonly called an installment loan, can help you rebuild credit after bankruptcy, repair poor credit, and help you eventually reach a 720 credit score. In fact this move could be a double whammy for your credit if you use the proceeds from the loan to pay off any credit card balances that you may have. On time monthly payments on an installment loan will boost a low credit score, and lower balances on any credit cards will also benefit your low credit score.

There are installment loans offered for student education, vehicles, homes, boats, and even debt consolidation and personal loans available. Paying the loan off as soon as possible should be a priority, and monthly payments must be made on time or this could hurt your credit score instead of helping it.

4. Credit Lesson #4: Quick Credit Strategies

Part of the 7 Steps to a 720 Credit Score program designed to boost low credit scores and rebuild credit after bankruptcy involves using quick credit strategies to give your score a quick bump up in numbers. You can be added as an authorized user on the account of someone that you trust, and payments on the account are usually be reported to the credit bureaus each month for you as well as the account owner. This allows you to piggyback off their good credit while improving your own low credit score.

Other ways to quickly increase a low credit score and rebuild credit after bankruptcy can include opening a secured credit card, getting a co-signer with good credit to gain approval, having someone add you to an account of theirs in good standing, taking out a credit builder loan, and even getting a student credit card.

5. Credit Lesson #5: Using Credit Reports and Scores

After bankruptcy it is important to monitor your credit scores and credit reports to ensure they are accurate and up to date. A 720 credit score is in the Good range, meaning that you will qualify for loans at a lower rate of interest and credit approval is not a problem. A low credit score does not offer these benefits, and poor credit means you can not access credit when you actually need it.

When you apply for credit like a credit card or loan then your credit score may go down some at first, even if you are denied, because of the inquiry. Don’t worry, a low credit score will go back up over time as long as you are careful and responsible, but only apply for credit that is right for you and your circumstances.

6. Credit Lesson #6: Pay Down Your Highest Balance

If you are aiming for a 720 credit score then one smart move is to pay down your highest credit card balance. This will be reflected in your credit reports and could save you money over time as well. You could pay off your lowest balance but this is usually the card with the lowest interest amount charged each month as well.

A higher interest credit card, which is commonly used if you have poor credit or low credit scores, will charge more in interest charges each month. This is especially true if you have a higher balance and higher interest combined. By paying off your highest credit card balance first you will save money on interest charges. This can allow you to pay off all of your credit cards in a shorter time.

7. Credit Lesson #7: Protect Your Credit Once You Have It

Once you have achieved a 720 credit score be vigilant, and work hard to protect it if you do not want to end up with poor credit and a low credit score again. Bankruptcy promises a fresh financial start, and when you follow the 7 Steps to a 720 Credit Score credit education program this is exactly what you can get. If you are not careful to protect your new good credit score then you could lose it again.

Enrollment in a 7 Steps to a 720 Credit Score program typically runs about $1,000. At Sacks & Sacks Law Firm we believe our clients deserve a true financial fresh start and a credit rebuild program that is proven, and that is why all of our bankruptcy clients are provided with enrollment in this program at no cost. That is right, it is Free! To access this incredible program and the debt relief that bankruptcy can give you call the Sacks and Sacks Law Firm at (904) 396-5557 and set up an appointment for your free bankruptcy consultation with one of our experienced and knowledgeable attorneys.

Sources:

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Ganotis, John, and Black, Michelle, “How to Build Credit With Credit Cards: The Definitive Guide.”

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Akin, Jim, “How to Lower Debt and Boost Your Credit Score in One Shot.” Experian.com April 2, 2018, https://www.experian.com/blogs/ask-experian/how-to-lower-debt-and-boost-your-credit-score-in-one-shot/ Accessed 7 May 2020.

Abernathy, Ally, “How to Build Credit Fast with These 6 Credit Building Strategies.” TheLendersNetwork.com April 2020 https://thelendersnetwork.com/how-to-build-credit-fast-6-tips/  Accessed 7 May 2020.

Irby, Latoya, “What Order Should I Pay Off My Credit Cards?” TheBalance.com Updated February 3, 2020 https://www.thebalance.com/what-order-should-i-pay-off-my-credit-cards-960822 Accessed 7 May 2020.