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Fix Your Credit After Bankruptcy


Who does not want a blemish less credit history and a robust FICO score? Well, everybody I guess. However, if you have recently filed for bankruptcy, chances are it must have taken a toll on your credit score and have closed all doors of availing future credits. Fortunately, there are ways to improve your credit score even after bankruptcy. Though, there is no quick fix, but if you have determination, an eagerness to bounce back, you can certainly improve your score within a year to 18 months. Read on to know, how to pave road to credit recovery, after bankruptcy debt relief.

  • Your first and foremost duty is to open a charge account at a furniture or appliance store or at any type of retailer that sells big-ticket items. After bankruptcy, you might face difficulty in obtaining a card from traditional charge-card issuers, but these stores are often willing to grant you credit. Usually, these accounts have a high interest rate, but its value in helping to boost your credit score will be worth the cost.
  • Start making a purchase from the store, and make at least 50 percent down payment of the item's cost. This will enable you to pay back the account more quickly and help you to minimize the amount of interest you pay.
  • Your next step should be opening a secured credit-card account. With a blemished credit history, it’s near to impossible to avail an unsecured credit card but you can settle with a secured one which might require you to secure your Mastercard or Visa by depositing money into a bank account. Make sure you pick an issuer who will allow you to convert the account to unsecured status after a stipulated period of time.  Make your payments on time on this new account and convert your secured credit card into an unsecured account in as little as 6 months to a year. The interest rate must be pretty high here, but having a regular account that is being paid on time will eventually lift your credit score.
  • Make sure you pay all of your bills, including your new accounts and the payments for any assets you were allowed to keep in the bankruptcy, such as your home mortgage or car loan, in a timely manner or a little early. By doing so, you can demonstrate that you are handling your finances carefully to the prospective lenders. Opening and paying additional accounts on time will show your financial responsibility and increase your credit score and credit worthiness.
  • Time to time monitor your credit report closely to catch any erroneous negative information as soon as it appears. Remember, you are entitled to obtain a copy of your credit report from each of the three major credit bureaus on an annual basis. Check the reports thoroughly and if you can notice any discrepancy, immediately report it to the credit bureau for rectification.

Follow the above mentioned points and boost your credit sooner than before.

 

 

 

 

 

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