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How to Repair Credit
To
successfully reestablish credit while reducing overall
debt is not rocket science - it is, however, the most
frequently asked question among debtors. There are a
number of relatively easy ways to repair credit including:
Open a checking or savings account so that lenders can
determine your ability to manage money.
Apply for store and gas credit cards that you would
normally pay cash.
Pay your utility bills and rent on time for at least
a year.
Stay away from payday loans that are at high interest
rates and are a “bad credit” trap.
Write a letter to each credit reporting agency explaining
the circumstances that lead to you filing.
Live within your means. Do not unnecessarily increase
your debt to income ratio by taking on credit to purchase
luxury items that you DO NOT NEED. Your payments on
consumer debt should equal no more than 20% of your
expendable income after costs for housing and a vehicle.
Pay your reaffirmed, pre-bankruptcy debts on time.
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