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Here Are 15 Steps to Rebuild Your Credit Score
Here are some easy steps you can take to rebuild your credit after a bankruptcy.
- Open a checking or savings account.
- Apply for store and gas credit cards instead of paying cash.
- Apply for a secured card where you deposit cash and charge against it.
- Pay your utility bills and rent on time.
- Find a friend or relative to cosign for you on a loan and pay it on time.
- Look for car dealers and mortgage brokers that have a reputation of being "bankruptcy friendly" and buy a used car.
- Stay away from payday loans.
- Write a letter to each credit reporting agency explaining the circumstances that lead to your bankruptcy filing.
- Live within your means. Do not purchase anything that YOU DO NOT NEED.
- Ask your employer to take 10% of your pay check and deposit it into your savings account.
- Check your credit reports every six months and make sure that all information is accurate. Correct mistakes.
- Pay any debts that survive Bankruptcy on time, without fail.
- Think twice before closing credit card accounts. Lenders are looking for consumers with long credit histories that have been managed well.
- Minimize credit-card applications.
- Keep balances low.
