Books

  • Jeff Michael: Repair Your Credit and Knock Out Your Debt

    Jeff Michael: Repair Your Credit and Knock Out Your Debt
    I highly recommend this book because I wrote it.

  • Edie Milligan: Tips from the Top: Targeted Advice from America's Top Money Minds

    Edie Milligan: Tips from the Top: Targeted Advice from America's Top Money Minds
    I have about a dozen entries in this book.


  • DISCLAIMER: The opinions presented on this weblog are solely those of its author, and do not represent the opinions of my employer or clients. I cannot guarantee that the materials presented on this site will be error-free, or that any errors will be corrected. I make no representations as to the accuracy, correctness, or reliability of the information presented here; this site reflects only the personal opinions of its author and is for entertainment purposes only. * Further, this site is not responsible for any comments left in response to weblog posts, and we neither endorse nor guarantee any content contained therein, nor do we endorse any materials, websites, or services linked to in comments left by blog readers. I reserve the right to remove comments at will, but accept no obligation to do so.

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Comments

I need help with repairing my Credit

Start by ordering a copy of your credit report: https://www.annualcreditreport.com
then get in touch with Springboard at http://www.credit.org or check out Scott Brown's blog http://creditrepaireducation.com

We just got brankruptcy discharged. how do start repairing and rebuilding our credit the right way?

It depends on a few factors. A lot of times, creditors don't properly update a credit report after a bankruptcy filing, and that can hurt one's credit score. You'd have to have a professional review your credit report to see if that's an issue.

If you kept your home and/or vehicle and continue to make payments, that'll go a long way toward rebuilding a good credit rating. So will student loan payments (which wouldn't have been discharged) If you're starting over from scratch, that's okay too. Time heals everything. Most people are able to get a mortgage loan two years after a bankruptcy filing (I wouldn't do it sooner than that, or you'll get gouged--waith 2 years and go for an FHA loan).

You can get an auto loan after bankruptcy, but I wouldn't recommend it; you'll pay something like 23% interest.

A better way to go is to get a secured credit card from your bank; it can be something like $250. Then use it for something small and controllable (I advise people to use it for gas) and pay it off (in full) on time every month. After 6 months of that, your credit report will look a lot better.

The most important thing is to learn from the BK experience and learn to budget effectively and SAVE! Build up an emergency fund to avoid future financial disasters.

The truth is, it's not hard to get back into the credit world after a bankruptcy. Thankfully, you're looking to do it the right way, which means not jumping on the first high-interest "30 days after bankrutpcy!" offer that comes your way. That bankruptcy will stay on your credit report for 10 years, but its impact on your creditworthiniess starts diminishing from day one; in a few years, it'll barely affect you, as long as you've been responsible with your payments in the meantime.

want a copy of credit report

Here's the link to order a credit report:
http://www.annualcreditreport.com

1/19/06ineed to know my credit rating

myFICO.com is the place to get your credit score. Unlike annualcreditreport.com (which is free but doesn't include your credit score with the report), it'll cost you around twelve bucks.

want to kmow how to get a free credit report

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