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Techniques for reconstructing your own borrowing once bankruptcy proceeding

Techniques for reconstructing your own borrowing once bankruptcy proceeding

If you find a blunder, conflict they on the around three big credit agencies – Equifax, Experian, and you may TransUnion

Money to avoid

If you like currency quickly, it may be appealing to check out a lender that advertises “no-credit-check money,” however these try barely advisable. Not simply are such fund expensive, nonetheless they can also trap you inside the a cycle away from debt. Prevent the after the sort of money:

If you discover an error, conflict they into the three biggest credit bureaus – Equifax, Experian, and you can TransUnion

Taking actions in order to rebuild their 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 best ways to help make your borrowing, 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.

If you learn an error, conflict they into the about three significant credit agencies – Equifax, Experian, and you will TransUnion