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Rebuilding Credit

Though trying to build your credit score back up can be long and tiresome, it is definitely worth having that to lean back on, and following these five simple steps will lead to a successful way of receiving excellent credit.  The key is responsibility, having this attribute will help immensely in your day to day process of rebuilding your credit.

step one is to go ahead and get your free report at or 1-877-FACT ACT. Once you do this make sure there are no flaws in the report.  Look to make sure your bankruptcy accounts show a balance  of zero.  The Credit Reporting Agencies are not required to tell the full truth about your information. But they are not allowed to say anything false about you, so As long as all of the debts wiped out by your bankruptcy carry zero balances, the information is not false.  negative reports will last for seven years and then they have to be taken down unless it is a chapter seven eleven or twelve, those can stay for fifteen years.

The next thing to do is take the action to fix what you have not already fixed on your credit score.  The easiest way to do this is call the CRA and find out what they need from you, the process is much easier to do over the phone than reading it.

After you have done this see if you can get into a credit union, or some sort of bank that can get you started in your first attempt to get good credit.  The best way to get good information from the credit union is to be honest and tell the bank representative your previous situation for the best advice.

At this moment you will have to decide wether or not you are capable of having a credit card.  It is easy to swipe that card over and over again, but at the end of the month it can come back to bite you and then your credit score will continue to be on the downfall. Be honest to yourself, if you can handle the commitments of having a credit card then do get one and get use to the practice of always having cash on you.  If you do decide to go with a credit card, know, that every month you need to pay off your balance on time every time.  Be carful on the high interest rate credit cards you may receive in the mail after you filed for bankruptcy.

Now it is time to get your new credit score. First thing to know is that they are not free, but in the long run they help you out with the benefits.  They cost about fifteen dollars.  Who you choose for your credit score is your choice but one good place that we recommend is FICO.  The higher the better.

The final step of this course is improving your score and keeping it.  How high your score is, is all on you, thirty-five percent is from your previous history, thirty on the amounts you pay, fifteen on the length of your credit history, ten on your new credit, and ten on the type of credit.   The main thing you need to do is make every payment on time, this shows that you are responsible.