4 tips to help you improve your credit
score right after bankruptcy. Hi everyone Dave Sullivan here for the credit guy TV
This time I want to give you some advice on how to improve your credit score after
bankruptcy I’ve seen people go through bankruptcy and then suffer for five or
six years later because they don’t actively engage in their credit report after the BK they think they have ruin their credit they have gone through bankruptcy and they ignore it that is not something I
recommend. the day after your bankruptcy you should go through your credit report and
make sure that every account that should have been included in that bankruptcy is
showing that way and all three of your repository files. go through
all three TransUnion, Experian, Equifax make sure that every account that was
included in the bankruptcy is showing that way and the second thing you want
to find in there is an account that was not included in the bankruptcy but has a
pretty good history. one account that if you haven’t used in a while see if you
can keep them active you got to Lowes or a Home Depot or something was not
included in bankruptcy you can pull through that bankruptcy. that we give you a long history in this
very important for a good score So if you can pull as many accounts through there, that have
never been late through the bankruptcy that’s a great way to rebound the third
thing you need to do is get three credit cards so in addition to the one or two
or three through the bankruptcy then I would say you’re fine if you can only
pull one or you can not pull any then you need 3 to 5 bank credit cards they are reported to all three repositories if
you go to a credit union that’s fine just make sure that asked them if they
report to all three of bureaus I see many people you know go to a Credit Union maybe their
small and report to just one of the three and while that 1 bureau goes up when you apply for a mortgage or if you apply for an auto loan and they don’t use that specific repository you don’t benefit from that account so go to
a lending institution that has as their information reporting to all three bureaus that is the only reason I say a big bank get an installment so again go to a bank or credit union get a small installment loan just a few thousand dollars you can put in your bank you
don’t have to spend the money don’t buy a car because it’s too much debt so just
get a few thousand dollar installment loan make the payments on that and then pay ahead a little bit and then close out so a two year installment loan many times in a bankruptcy you gotta wait two years
before you were here in some situations consult a mortgage lender on that you
gotta wait a couple years anyway get a two-year installment loan for a couple
thousand dollars for the money in the bank and then pay that down I’ve seen
people recover like I said to nearly 700 points just six or seven months after the
bankruptcy there is no reason to suffer and your insurance rates are based on your
credit score so why suffered even further more for insurance should so
those are four reasons are for ways to improve your credit score after
bankruptcy be sure to check out my free video series six steps to improve your
credit score getloanready .com Get Loan Ready to walk
through that and that will help you as well Dave Sullivan here for the credit guy TV so you with a little bit of me were going to change the credit industry