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If you have recently come out of bankruptcy, your deflated credit score could no doubt use a boost. Getting your financial picture back in order once you have had a bankruptcy discharge can be a tricky task - but nevertheless, it can be done. A few quick tips from financial gurus can get your score elevated to the point that you qualify for great loans and lines of credit that will be offered at substantially reduced interest rates.
Begin Adding Points Immediately
You can begin adding points to your credit score almost immediately upon having your bankruptcy discharged by taking on small and manageable amounts of credit. Before doing so, however, you should check your newly updated credit report. Since there are three major credit reporting bureaus operating in the country, you should retrieve your credit report from all three to determine if the accounts that you included in your bankruptcy proceedings have been noted as such.
Sometimes, a creditor will fail to report the change from collections to discharged in bankruptcy, and the item will remain on your credit report - making your credit score dip even lower. Contact the credit bureau that is holding the report immediately upon recognizing this error to have it corrected. The correction is typically made within thirty days.
The Most Important Accounts You Can Open Now
There are many different accounts that you might consider opening to add points to your damaged credit score. Perhaps the most important two are not accounts that extend credit, but rather just make you look like a more responsible person, and therefore, a more appealing borrower - a checking account and a savings account.
Secured Credit Cards Add Points Fast
You should open up a secured credit card account as soon as possible when your bankruptcy has cleared the courts. A secured credit card is just like a regular credit card in that it reports either monthly or quarterly to the credit bureaus - the difference is that you will place a deposit equal to the amount of credit that you wish to have extended on your behalf with the card issuer.
Maintaining a good payment history with your new secured credit card is one of the fastest ways to add valuable points to your credit score. You might consider opening more than one account to maximize the number of points you can add - just make sure each card is with a separate bank. You can open a secured credit card account with as little as three hundred dollars, which is a very small investment to reap such great benefits.
You can find great deals on secured credit cards online via the Internet. There are many lenders who specialize in these types of cards for borrowers who are in your same situation. Further, these lenders often offer reduced interest rates for first time customers as well as reduced interest rates that will make the credit you obtain cost less.
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