How to Rebuild Your Credit

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  • Apply for an unsecured credit card, if not possible, then obtain a secured credit card.
  • Please make sure it is under your name in order to have positive impact on credit.
  • After obtaining a credit card, try looking for a secured line of credit; Some stores will offer -home goods, electronics- make sure payments are on time so it will be reported current to credit bureau.
  • In about a year you will have rebuilt sufficient credit to be considered for a car loan. (interest rates will be high), however, a car loan will help your credit score considerably.
  • In about 2 years you will be eligible for an FHA home loan, again interest rates will be higher, generally 1 or 2 percent than standard loan interest rates, however if you keep payments current, you should qualify to refinance within 2 years.
  • Start paying your bills early rather than on time, if possible.
  • If applying for credit, do not utilize co-signers as they appear on your credit report, which to a new lender your client could be considered a greater risk and may ask for a co-signer as well.
  • Avoid Finance companies - they lower FICO credit score and are more expensive.
  • If new financing or credit is denied by a lender it doesn’t mean anything; credit still will be granted with other companies.
  • Get copies of credit report from all credit bureaus, and make sure bills that have been paid off, are no longer reflected.
  • When paying off bills make sure to ask for confirmation.
  • Contact any creditors that are still reporting open accounts and give them bankruptcy information so it shows up as closed w/ bankruptcy rather than open and delinquent.
  • Open a savings account and deposit money on your pay schedule from work
  • We are here to help you!

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