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How To Rebuild Credit Filing Bankruptcy
| Although bankruptcy may have devastating effect on your credit history, just about anyone can rebuild credit and qualify for almost-normal rates in a year or two. It is just the matter of knowing how. If you recently file bankruptcy, here are advices from experts: |
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- Nothing in the credit business lasts forever. Even though bankruptcy may show up on your credit report up to ten years, you can diminish its effect by paying your bills on time. You can start by using only a small portion of your credit. There is no need to apply for too much credit at once.
- Clean up your credit report. Credit companies are not perfect. They make mistakes all the time. If you find errors on your credit reports, you should report the errors to credit bureaus. Often, people who file bankruptcy find open and overdue account when it should be closed as part of filing bankruptcy. Remember, credit score is calculated from credit report. Errors on your credit reports can really hurt your score.
- Use credit daily. Paying for everything with cash will not help you rebuild your credit score. Use credit as much as possible. Generally, there are two types of secure credit that can quickly rebuild your credit score: installment and revolving. Examples of installment are auto loans, mortgages, or student loans, and revolving credit refers to credit cards or home equity lines of credit.
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