I recently received an updated CR from TransUnion. It stated that since my BK was discharged in June 2004 my credit score is now 492. How can I rebuild myself to help raise my credit score?
Time is key. Time heals all wounds. After that, don't go hog wild trying to get new credit, esp. with shady lenders and sub-sub-prime cards. One good thing to do is this: 1) Go to a bank and open a savings account with about $250-300. Get a 6-month secured loan against that savings. PAY IT ON TIME EACH MONTH. 2) Do the same thing but with a credit union or a different bank. 3) After 6 months, repeat the process but increase the money (but not the timeframe), if you can. Then, after that year is up, you'll have good standing with two separate lending institutions that will boost your score. Also, 1 year will have passed and derogatories will start to fade. But, you should also follow the guidelines and advice up here to work on repairing your existing credit report immediately. Good luck! BTW, I'm just over 8 months out of Ch. 7 BK and I plan on having a 620 by the end of the year and getting back into a house. An aggressive goal, yes. But I think I can do it!
