Link: http://www.erase-bad-credit-score.com/

What if bankruptcy wasn’t as bad as you thought it was on your credit score? Think of it as a fresh start to rebuild your good name once again. You can even begin today to make small advances toward rebuilding your bankruptcy credit score. Just keep reading and I will explain steps you can take that will start the process to rebuild your file beginning from today.

As with most bankruptcies, your credit scores takes a beating, but the silver lining is that you are washed clean of hounding creditors and, all your bankruptcy credit is tucked away behind one credit ding; the bankruptcy itself. This mean that your bad credit no longer shows up on your credit reports, just the bankruptcy is shown.

So this gives you a clean slate in which to work with after bankruptcy. You can now start to rebuild by putting good payment history items on your 3 major reporting agencies files.

Rebuilding Your Bankruptcy Score

Today, I recommend getting a copy of your three credit bureau scores and review them for bankruptcy accuracy. If bad items that were meant to be included in your bankruptcy filing are still showing on your reports, contact the bureau and dispute the inaccuracies. You should receive a new corrected report and score in about 45 days or so.

In the meantime while you are waiting for your files to be sent to you, make a list of all the places you may have had good credit that was never shown on your credit reports. Not all finance companies report to the agencies, so think hard and see what you come up with.

Go through your list and write a letter to those companies asking them for a letter showing your payment history on their letter head and signed by a manager. Ask if they would be willing to report your good payment history to the credit bureaus; if not, just send the letter they give you to the agencies and request that they add this to your report. You have the right to have some good credit history posted on your reports.

Next, open a new bank savings account at a small banking business, one with very few branches and preferably a community bank. Make a deposit to that account every week for the next 4 weeks. Do not withdraw any money during this time period. You will want to get at least $1000 dollars into this account as soon as you can; borrow the money from friends or family if you have too. Don’t worry; you can pay your friends and family back in a few days.

On the fifth week go to the bank and ask for a one thousand dollar loan, with a one year installment plan. Tell the loan officer up front that you have bankruptcy on your credit score and that as collateral they can freeze the funds in your savings account until you have repaid the loan.

They will almost always give you a loan because they are secure with your cash in their bank; if not, take your money and try elsewhere. Now with the money they loan you, pay back your friends and family if they loaned you the money. If not, use the money and start making your monthly payments on the loan.

Make your first loan payment in one week and another on the third week, and then pay the rest of the payment one week early every month when your account billing date is due.

You will end up paying off your loan early and you will have a thousand dollars in your bank when you are finished. Think of the $1000 as your reward for making it happen. Repeat the process with another bank and soon you will be on your way to having a triple AAA credit score that basically squashes your bankruptcy.

Also, you should look for secure credit cards as well (these are VISA/MC accounts that you have a deposit in place). Just make sure that the credit card company reports your payment history to the credit bureau for a better score.

After a while or if it’s already been a few months since your bankruptcy, contact a good credit score repair company and ask if they can help get the bankruptcy marks removed from your credit score; I have heard good things about Lexington Law.

One last thing, some buy here pay here credit stores offer furniture, TV’s, computers, cars etc… and they also report to your credit bureau score on your behalf, this also helps fix your bankruptcy score.

There you have it; start to rebuild today on your bankruptcy credit score.

by: L J Sutherland