Timothy J. Sierra, Attorney at Law Trusted Florida Bankruptcy Attorney Since 1987
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How consumer debt can affect your credit score

Every Florida resident knows that a bad credit score can negatively affect a person’s ability to purchase a home, car, or obtain a line of credit. There are many ways you can hurt your credit, and sadly it’s all too easy to do this. Several factors, such as too much credit card debt, opening up too many lines of credit at once, and keeping high balances on credit cards can all lower a credit score, sometimes alarmingly quickly.

There are other, less well-known ways to hurt your credit score that many financial experts warn against, or advise to at least use caution. One way to potentially devastate your credit is to co-sign on a student loan, only for the student to default. Even one missed or late student loan payment can stay on your report for up to ten years.

Having too much credit can create a bill juggling act that can be very difficult to manage, especially when unexpected financial challenges come up, such as unemployment. This is why experts advise consumers to keep their credit card balances below 25 percent of their limit. It’s also a good idea to keep the amount of credit cards to a minimum.

Personal bankruptcy also negatively affects credit, but with the financial challenges that many Floridians face today, bankruptcy is quite common. It’s possible to rebuild credit after a bankruptcy or other stressful financial upheaval. By staying current on your bills, keeping a low balance, and paying down your debt rather than juggling or accruing new debt, you may be able to begin rebuilding bad credit sooner than you’d think possible.

Source: Source: Forbes, “Five Credit Score Misconceptions That Can Cost You,” Ashlea Ebeling, May 13, 2013

  • "When I first came to the decision to file for bankruptcy, I had no idea where to start. I began researching attorneys on the internet and came across the information for Tim Sierra. Since he specialized in bankruptcy and had a lot of experience......"
  • The process of going through bankruptcy could be very overwhelming but Tim made me feel at ease and I felt that my needs were being taken care of. I truly feel that he had my best interests in mind and the lines of communication were always open....
  • "I had to file a Chapter 7 bankruptcy. I didn't know anyone who could refer someone so I took a chance and just looked on the Internet. I don't remember exactly why I chose Mr. Sierra, but I am glad I did..."
  • He was honest, straightforward, and hard-working. In my case I ended up with some extenuating circumstances and he handled the matter professionally even though I'm sure the work probably exceeded what he originally felt it would be....
  • I don't ever write reviews, and I had no prior relationship with Mr. Sierra. This review is simply being written as a service to others that Mr. Sierra is an excellent attorney and should be considered for your needs if you need one....
  • "I'm very happy to have been referred to Tim for my Chapter 7 filing. He was knowledgeable in his field and very responsive in replying to any questions or concerns I had. Tim was also very accommodating with meeting times..."
  • " I recently was in need of Mr. Sierra's services and I found him to be very understanding and helpful in my particular circumstance. He met with me and explained everything in full detail and also answered every question that I had....."
  • " I recommend Timothy Sierra a loyal and dependable lawyer. When you talk to him you feel that you are with a friend or a member of your family. Timothy is able to lead you in every step of the process. Good job Timothy."
  • " Bankruptcy is a private and personally devastating life event. Timothy Sierra and his assistant, Nancy, made the process as painless as possible. They kept in close contact via phone and email so I always knew what was happening in my case...."
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Brandon, FL 33510

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Toll Free: 877-492-7449
Phone: 813-463-2256
Phone: 813-463-2256
Fax: 813-258-4746
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