Credit Repair After Bankruptcy
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However, there are some things that you can do to raise your credit score, even after you have incurred a bankruptcy. Some of these are simple and some require a bit of work, but to some extent, credit repair after bankruptcy is possible.
- Check your credit report for errors.
You should obtain a copy of your credit report from each of the three credit reporting agencies: Experian, Trans union and Equifax.
By law, every consumer is entitled to one credit report from each of these agencies annually. When you receive your report, review it carefully, looking for errors and discrepancies. If you find any, contact the credit reporting agency and inform them that the information on your credit report is inaccurate or is outdated.
The agencies then, by law, have 30 days to investigate and correct the mistake if it is found to be valid. However, if the information is accurate, although negative, this is not a valid claim and the agencies are not required to change it.
- Pay you non discharged debts on time.
You know that it is important to pay your bills on time, but did you know that even one missed payment or slow payment on your credit cards, car note, student loan or mortgage could result in highly inflated interest rates for you?
Additionally, slow payments and missed payments will only act to reinforce a potential creditor’s apprehension about loaning money to you or extending credit to you.
When they see your bankruptcy and then see that even after the bankruptcy you still make slow payments or miss payments, they won't touch you with a ten foot pole.
- Get a secured credit card after you file.
Get a secured credit card and use it for small purchases. Make sure that you pay your bill on time each month and don't miss any payments. Over time, you will be able to build up a credit limit, but make sure that you pay the entire balance each month.
- Play the credit card game safely.
Don't apply for more than two credit cards at a time. This includes major credit cards, store cards and fuel cards. Keep your credit accounts in good standing by paying your bill on time and never missing a payment.
Keep this up for a long time, preferably for the as long as you have the credit card. Also, resist the temptation to apply for loans or increase your credit limit beyond what you can repay at the end of each month.
John Cummuta has shown over 1 million people how to get out of debt just by using the money they already earn in as little as 5 to 7 years.
CENTURION LAW FIRM Even if you've been denied credit before - or think your credit is beyond repair - you can still raise your score to 720, the magic number that qualifies you for the best rates and loans!
Credit Repair After Bankruptcy, You can follow the same proven tips and techniques used by credit repair specialist to build the credit rating you deserve!
