Methods for reconstructing your own credit once bankruptcy

Fund to avoid

If you’d like money rapidly, it may be enticing to go to a loan provider that advertises «no-credit-take a look at fund,» but these are hardly a good option. Just is such financing high priced, however they also can trap you into the a routine out-of financial obligation. Steer clear of the following form of funds:

If you discover an error, argument it towards three biggest credit bureaus — Equifax, Experian, and you may TransUnion

Taking steps to reconstruct your own credit after bankruptcy could improve your chances of personal loan approval with a lower interest rate.

Paying all your bills on time is one of the how do you make your credit, since your payment history accounts for 35% of your FICO credit score. And your credit utilization ratio — how much of your credit you’re using at any given time — makes up 30% of your FICO credit score, so it’s a good idea to keep your debt payments below 30% of your available credit.

It’s also wise to review your credit reports periodically and look carefully for any fraudulent errors or reporting mistakes. You can get a free copy of your credit reports at AnnualCreditReport — as of , you can get a weekly credit report at no cost to you. Even one mistake on your reports could drag down your credit score. By law, these agencies are required to remove or correct any inaccurate, incomplete, or unverifiable information within 30 days.

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