Points Guy Explains Credit Scores

Many of my clients ask me how their situation and my proposed solutions will affect their credit score. One of the best explanations of credit scores I’ve seen is in a post on a travel blog called The Points Guy.

The post mentions that credit card companies and car lenders are relaxing their credit qualifications. I’ve read the same report elsewhere in the media. I assume that the credit industry figured out that they could not survive by extending loans only to those few people who were not affected by the past recession.

Credit scores are not legal issues; they are financial issues. I find that people overestimate the negative impact on credit scores as a result of judgments or bankruptcy. My clients over the years have reported to me that by proper credit management they are able to achieve normal credit after bankruptcy faster than they had anticipated.

Read this post to understand how credit scores work, and do not let credit fear stop you from wiping out all your unsecured debts through the bankruptcy process.

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