By R. Lawrence Anderson
Here are three "Building Credit After Bankruptcy" strategies
you can use to increase your chances of being approved for
loans, credit cards, and home loans if you have a bankruptcy
your credit report:
Building Credit After Bankruptcy Strategy #1
Apply for credit where you have a high probability of getting
approved, and make the payments on time. Sounds simple, but
most people go about applying for credit the WRONG way and
it more difficult than it needs to be.
By the way, donít go overboard when applying for credit. The
whole purpose of getting a credit card or loan is to rebuild
your credit history after bankruptcy - not to get in to debt
to your ears!
Be careful about the inquiries. When it comes to some types of
inquiries, too many can hurt your credit score. Other types
Building Credit After Bankruptcy Strategy #2
Another way to rebuild your credit after bankruptcy (one my
favorite) is to add years of positive credit history to
account. You can literally add a number of new positive items
to credit your report. Itís 100% legal but the technique is
widely known. When it comes to building credit after
this is a strategy you will want to consider. I don't have
enough room to go into detail on it here, so I'll save it for
Building Credit After Bankruptcy Strategy #3
Of course, cleaning up inaccurate and obsolete negative
information on your credit reports is critical when building
credit after a bankruptcy. And you donít need to use a credit
repair company to do it. You can do it yourself and save a few
hundred dollars. Just remember that you need to know exactly
what to do.
For example, there are three ways to dispute information on
your credit report. If you want to correct errors on your
report FAST then thereís a certain way you need to request
Hereís another example: There may be some collection accounts
or charge offs on your credit report that don't belong there.
You need to know what to look for to determine if that's the
case or not - and how to dispute such an item if it is. Most
people would look at these items and not even realize they
donít belong there.
Remember: When it comes to building credit after bankruptcy
don't want any inaccurate or obsolete information on your
I can keep going but I think you get the idea. There are a
number of pieces you need to pull together when you are
rebuilding your credit after bankruptcy. But itís worth it.
After all, if you can increase your credit score, and building
credit after bankruptcy plays a key role, then you could
literally save up to hundreds or even thousands of dollars in
extra interest and other finance charges when it comes to
future loans and lines of credit.
Copyright (c) 2006 Innovative Solutions Publishing, Inc. All
This information is designed to provide only a general
of the subject matter herein.
This information is provided with the understanding that
neither the publisher nor author is engaged in rendering
accounting or other professional advice. If legal or other
expert assistance is required, the services of a professional
should be sought.
Neither the publisher nor author shall be liable for any loss
or damages, including but not limited to special,
consequential, incidental or other damages, caused by the
information contained herein.
About The Author: R. Lawrence Anderson is author of After
Bankruptcy Credit Solutions, which shows individuals how to
qualify for credit and loans after bankruptcy. For details