VANCOUVER, BC / ACCESSWIRE / October 13, 2021 / Cactus Credit helps many different people, organizations, and firms handle credit problems by finding solutions that make sense for them. For example, when someone files for bankruptcy (either an individual or a business), they’ll experience long-term credit ramifications that can be pretty troubling. Thankfully, credit repair can help with this situation in a variety of different ways that must be understood to properly manage.
Bankruptcy is always a challenging situation and one that can be emotionally and financially difficult to handle. As a result, many people find themselves needing to get help from a professional who fully understands the best ways to enhance credit and minimize long-term complications. Thankfully, there should be many different possibilities here that you can take advantage of here with Cactus Credit.
First, they can help you understand how long your bankruptcy will linger on your score. Anticipate at least 7-10 years of it impacting your result, which can be pretty frustrating for many people. After all, it will continually drag you down and cause problems, even as you take other positive steps. However, credit repair can help by taking advantage of many unique possible improvements.
For instance, Cactus Credit can help find ways to create a payment plan to eliminate many of the debts that impact you. Wiping away these debts and opening up your credit helps to make it easier to improve your credit. Your debt-to-credit ratio dramatically affects your overall credit score, and improving it helps to add many points (20-30 right away) to your credit score when appropriately handled.
Of course, bankruptcy can cause a drop between 100-200 points when it initially occurs, which is devastating. Can credit repair help with that kind of massive decrease? Not immediately, but with time, they can help to rebuild your score. This process typically requires you to balance your payments, carefully improve your spending habits, and take other steps that help minimize your impact.
For instance, Cactus Credit can help by creating a single-fund payment plan that takes all of your debts, consolidates them, and makes them easier to pay. In many instances, your debt holders are likely to settle for a single lump payment if you can afford it because they want to get some money out of you. Wiping away your debt in this way gets it off your report and helps boost your score a little.
The biggest thing to remember about this situation is the importance of patience. You can’t assume that credit repair will immediately repair your score. Bankruptcy causes the single-biggest adverse reaction possible for your credit. But many people walk back from this situation by working with a team who has their back and is willing to provide long-term care that works for their needs.
SOURCE: Cactus Credit