Need to rebuild credit after bankruptcy, try the following.
1. Keep revolving balances below 30% of the high credit limit card you have
2. Limit the number of revolving accounts with balances. keep it under 3 if possible
3. Have 4 or 5 more revolving accounts that are open but have no balance
4. Don’t close old revolving accounts unless you have to. When you close an account you are closing the history. The account history is a factor that is considered.
5. Open new accounts when you do NOT need one, take the time to build the credit history so that the account will be available when you need it.
6. Pay your bills on time. put a credit cards you have balances on on some sort of automatic payment that will pay a minimum balance just in case you forget or were out of town.
7. If you’re paying off a collection account, pay off the collection agency and not the original creditor.
8. When you pay off collections try to negotiate with the collection agency to remove it completely from the credit bureaus.
9. Need to establish or re-establish credit? The best thing to do is get a secured credit card.
10. Late payments and collection accounts will stay on your credit report for 7 years–if you find some that are past this 7 year mark you should dispute them with the credit bureaus to have them deleted.
11. Shopping for an auto or mortgage? Try to do it within a 45 day period. Inquiries accrued in a 45 day period for the same industry will only count as 1 inquiry
12. Do not co-sign loans. If they make a late payment it will end up on your credit report
13. If you are negotiating a payment plan with any of your creditors, also negotiate how it will appear on your credit report. If they report it as– paying under a partial or modified payment plan–it will have a negative affect on your scores (Loan Modifications) or–settled for less than full balance (Short Sale). In the case of Short Sale you would want the reporting to be “paid”
14. If you have an account with a long history and only one late payment, ask that creditor if they will do a one time courtesy removal of the late payment
15. Have one or two installment loans. Having no installment loans or more than two can start to have a negative affect on your scores
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