How I can improve my personal credit rating?

Question

I went through Chapter 7 Bankruptcy six months ago. What can I do to improve my credit, which I am sure is just horrible right now. Thank you for your assistance.

Answer 1

Your credit rating is highly based on your credit history. Therefore, you need to establish some positive history to offset the bankruptcy. I would advise you to get a credit card (if possible) and just charge a few things per month (gasonline, for example). Pay the full balance off every month on time. Eventually, this trend will help your credit score. If you're strapped for cash at the end of any month, be sure to pay off the items that hit your credit score first (loans, credit cards, some utilities).

I would also suggest building up an emergency fund, comprised of about 3-6 months of regular living expenses. Put this in a separate bank account (preferably something that earns interest). You'll learn to live without this money if you don't have regular access to it.

Hope this helps!

Answer 2

What's so great about debt???? That's a plan you've already tried, so why would you think any different results would come from getting back into debt????

Take this opportunity to remain debt-free. Start saving every payday FAITHFULLY. Get an emergency fund of 4-6 months expenses in the bank and available. Make a budget. Turn it into a financial plan.

Good Luck

Answer 3

if you happen to be able to get a new credit card, start by chargin small amounts on it and pay the full amount on it every month. If you still have to pay on any previous credit that you have out, make sure you make the full monthly payments and send them in on time. After 1-2 yrs, your credit will slowly start looking better. If you don't make regular payments or are late every month, your credit will still be miserable. Bank rupts stay on your credit for up to 10 yrs so be sure to make those payments to improve the outlook

Answer 4

The people with the best scores have credit available to them that they don't use