Helpful Hints On Increasing Credit Score

1. After bankruptcy try to obtain secured credit through a Credit Union or local bank..

2. Try to get an affinity card that allows you to get unsecured credit with a smaller credit line to re-establish yourself... EX. www.firstpremierbank.com    www.orchardbank.com   

3.  Keep all revolving debt low to the available credit... Try to keep your available limit to at least 75 percent available or higher.. This will increase your credit score!!!!   EX. 1,000 dollar limit... 250 dollar usage on account....

4. Try to buy property after 1 year... A mortgage is the best sound investment after a bankruptcy that you can do... Benefit.. your debt-income-ratio is low, so mortgage companies look at this as a positive risk... the key is getting your FICO score to a 620 or higher to get better terms on interest rates.. Some investors will go as low as 560, depending on length of employment and down payment on property...

5. Maintain a good rental history if you can't afford to buy right now.. A 12 month rental history as well as paying utilities on time is a good tool for qualifying for a first time home-buyer or a person coming off Bankruptcy...

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Last modified: 01/02/09

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