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Credit scores, dating dynamics and bankruptcy as a building block

One of the misconceptions about bankruptcy is that it will unduly damage your credit score.

This is a misconception because it is definitely possible to rebuild credit after bankruptcy. It doesn't happen overnight. But it can be done.

There is no doubt, however, that credit scores are important. It is widely known that they affect the loan terms that people are able to get. Indeed, credit scores can affect someone's ability to get a loan at all.

That is why, for a pragmatic generation of young (or even no-so-young) people, asking about credit scores has become an increasingly common dating question.

Indeed, there is now a website called CreditScoreDating devoted to matching potential dates based at least in part on indications from their credit scores. There is also a book to be published soon that will carry the title "Credit Score Dating."

Of course, successful dating dynamics depend on much more than compatible credit scores. But it is surely a sign of the times that in the last few years, good credit has, in a sense, become sexy.

Our point in this post, however, is that someone who has been through or is considering bankruptcy should not despair about this. The steps for rebuilding credit after bankruptcy are fairly clear and realistically achievable for most people.

For example, one common step to start rebuilding credit is to get a pre-paid or secured credit card. Paying bills in a timely manner will also begin to bring a damaged credit score up.

In short, whether you are playing the dating game or not, damaged credit doesn't have to be forever in all cases.

In fact, by achieving debt relief though bankruptcy, you may even make yourself a more eligible romantic partner. By removing the stumbling block of unmanageable debt, bankruptcy can become a building block toward a better life.

Source: Reuters, "A high credit score can be a turn-on," Lou Carlozo, Feb. 13, 2014

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