How I Boosted My Credit Score 200 points after BankruptcyI had perfect credit until I ran into financial difficulty and was forced to declare bankruptcy. My credit score plummeted to under 500. By doing a few simple things and being persistent, I was able to boost my credit score 200 points to 700. 1. Request free copies of your credit reports. You can't start boosting or rebuilding your credit until you know exactly where you stand and exactly what you need to work on. Your report includes a list of the items that are hurting your credit score. Contact each of the three major credit bureaus and request a free report. You are entitled to one free report per year by law, from each of the three bureaus. If you have declared bankruptcy, I suggest waiting until your bankruptcy is finalized and enough time has passed for all debtors to be notified.
2. Dispute any errors on your credit report If there are any negative items on your report that you dont recognize or If your report contains errors, you can dispute them through the three bureaus. Some of your information may vary between all three credit bureaus. You may dispute any negative information through the credit bureaus, by selecting the item and filing a dispute online. Errors can hurt your credit score and bring your score down 50 to 100 points or more points depending on the other items in your report.
3. Work hard to keep you report clean from now on You are in the process of rebuilding or improving your credit so, you need to be on your best behavior. Make sure you pay your payments on time, dont apply for anything that will put a hard inquiry on your report, and dont do anything that will negatively affect your credit report This is a big part of improving your credit score.
4. Pay off a past due balances and debts. If you are behind on payments of credit cards, get caught up. Make sure you catch up payments before they are charged-off or sent to a collection agency. Often you can contact your credit card company directly and they may offer to help. They may be willing to fix your account so your credit report shows your account has always been paid on time. If you have something negative on your report, such as a company you owe money too. Pay it off. If you pay off an old debt, they have to remove it from your report. Make sure that you pay the original creditor if you can.
5. Get new credit cards. If you are building credit or recovering from bankruptcy, get one or two new credit cards. The inquiries may hurt your score a bit, but the benefit of having a few cards in good standing, outweighs this. If you had a bankruptcy, choose cards that are marketed for this. If you are building credit, go for easy credit cards such as department store cards and low balance credit cards.
6. Keep paying those cards. If you have credit cards, dont close them in fear that they will negatively affect your credit. Having credit cards is good. Be sure to keep the balance low and keep making your monthly payments.
7. Use a credit service and seek out good advice If you are serious about building or rebuilding your credit, a credit service can be useful. You can constantly check your credit report and watch your score rise as you make progress. I like the email updates any time there is a change in my report. There are many services available, one of the ones I like the True Credit service. TrueCredit gives access to your credit report from all 3 bureaus and great tools for improving your credit. Seek out good credit advice such as
8. Be patient and persistent. Patience is something you need to have while you're repairing or improving your credit. Your credit score wont change overnight, but it can change very quickly. Ive had 70 point increase in one week recently. Continue to watch your report and follow the steps outlined here and you will see your credit score increase. Make sure familiarize yourself with the FCRA, The Fair Credit Reporting Act will help you on this journey
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