Build New Credit

In this Section: Overview Places to Build New Credit Basic Principles to score up

OVERVIEW

 

Now that you have learned about your credit scores and worked on fixing errors...it's time to build some new credit!

 

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PLACES TO BUILD NEW CREDIT

You may think you are unable to get credit right after a bankruptcy but you will surprised how easy it is. You need open new credit lines to make your credit scores rise each month.

Recommendation: Have (3) three credit lines or accounts that report to the bureaus monthly. Of course, no bank is going to lend you thousands of dollars but they will lend you $300 and that is all you need to build your credit. Here are some links to lenders that do offer credit to people with recent bankruptcies:

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Secured Credit Cards

Coming out of a bankruptcy, the best way to start building new credit is with a secured credit card. Basically, you start with an initial deposit in the account, and you can use your credit card up to the amount you have deposited. This allows the banks to assume zero risk because their money is secured by your initial deposit. While you use this card, it will report to the major credit bureaus and start helping you build new credit...so apply today! Many of the offers below have instant online approvals.

New Millenium Bank Secured Credit Card No CREDIT CHECK Approved REGARDLESS OF CREDIT HISTORY Credit Limits UP TO $10,000* Reports to ALL 3 BUREAUS Get CASH AT OVER 740,000 ATMs Emergency CASH TRANSFERS Auto RENTAL INSURANCE $100,000 TRAVEL ACCIDENT INSURANCE Extended WARRANTY PROTECTION Special HIGH INTRODUCTORY SAVINGS RATE

Unsecured Credit Cards

An unsecured credit card is the most common type of credit card used. You do not need to have an initial deposit to get started and there are a lot companys offering credit to people coming out of a recent bankruptcy. Some of the companies require a small fee to get started and will be automatically added to your starting balance. Remember, the most important thing is to get new credit started, make monthly on-time payments, and continue using your card to get your score up!

Imagine® Unsecured Gold MasterCcard   Rebuild your credit* with an Imagine® Unsecured Gold MasterCard® credit card! Guaranteed $300 credit line** Reports to all 3 Credit Bureaus!* Bad Credit is OK! Get Credit Line Increases!* Apply Now!   Aspire Visa Card   Rebuild your credit by applying for the Aspire Visa Card today. You'll receive a 30-second online response to your application. Aspire to more!     Purpose Advantage Credit Card   Rebuild Your Credit with a Purpose Advantage Credit Card! The Purpose Advantage Card offers the following benefits: Guaranteed* Unsecured Credit Card Regular Credit Line Increases* No Credit Checks Reports to 3 Major Credit Bureaus* Apply Now! * See website Terms & Conditions

Auto Loans

RoadLoans specializes in financing and servicing new and used vehicle loans for customers with less than perfect credit, especially after a bankruptcy. Plus, they give you a check to take into the dealership, acting as a cash buyer! Refinance an existing auto loan Get approved to buy a new car Important! If your monthly income, or combined monthly income with spouse, is currently tight, an additional monthly car payment might make it hard for your to qualify for a home loan.

 

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BASIC PRINCIPLES FOR A HEALTHY SCORE

 

Generally speaking, the following are the best ways to raise your credit score. These will be explained in detail throughout the course.

• Pay down your credit card balances
• Have a relative add you to one their credit card accounts
• Open a credit card account, or two, for yourself
• Rapid Rescore
• Traditional credit repair
• Pay all your bills on time, especially the ones reporting to a credit bureau

 

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