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Post-Bankruptcy Credit Repair
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Flashcards
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Consider a Credit-builder Loan
A credit-builder loan holds the amount borrowed in an account until the loan is repaid.
Apply for a Secured Credit Card
Get a secured credit card to begin rebuilding credit; it's backed by a cash deposit you provide.
Avoid Applying for Multiple Credit Lines
Multiple credit applications can lead to hard inquiries that may hurt your credit score temporarily.
Become an Authorized User
Being added as an authorized user on a responsible person's account can help boost your credit score.
Diversify Credit Accounts
Having a mix of different types of credit (like revolving and installment) can benefit your credit score.
Create a Budget
Design a budget to manage your expenses and prioritize debt repayment.
Review Credit Report
Obtain and examine your credit report for inaccuracies and outdated information.
Pay Bills on Time
Ensure future bills are paid on time, which is crucial for building a positive payment history.
Keep Credit Balances Low
Maintain a low credit utilization ratio by keeping your revolving credit balances well below the limit.
Seek Professional Advice
Consult with a credit counselor or financial planner to create a strategy tailored to your situation.
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