If you’ve filed for bankruptcy or you’re about to do so, you’re facing a long time of a very low credit rating, which can seriously limit your options. There are things you can do to get your credit rating up, but it’s not easy and it takes a lot of work and time, especially if you’ve really been downgraded.
First of all, the most important factor that the credit ratings agencies look at when they form a credit rating is just how consistent are you at paying back your loans. If you pay every rate, every loan and every tax on time, then you’re already on your way to get your credit repaired, but if you’re missing them, especially for more than 30 days and for more then several payments in a row, then you’re in for a bumpy ride because the credit rating agencies save that data and use it as relevant for over 10 years now.
That’s right, the data about your credit ratings is saved for a decade, so you better be careful as to what kind of credit are you picking up and what kind of loans are getting yourself saddled with. Student loans for example are notoriously difficult to get rid of, even if you go bankrupt it sticks with you and weights your credit rating down.
This is very important – THERE ARE NO SHORTCUTS! There are credit repair agencies that advertise as 100% sure and they promise to boost your credit rating, but all those agencies do and can do is look through your credit ratings reports and look for errors that the credit agencies HAVE to fix, and that’s about it – that’s something that you can do on your own if you spend some time, no reason to pay money to the agency to have that done.
Maxed out credit cards, loans that are not paid back, new loans, student loans, medical loans and late tax, those things should be avoided at all costs. Most of the info credit ratings agencies save for about 7 years, but these are saved for 10 years, sometimes more, depending on how deep in debt you are and how often have you missed out o paying your debts. A very low credit rating can directly influence your standard of living, and, paradoxically enough, can make most things you need on day-to-day basis even more expensive for you, so staying informed and researching on how to repair your credit is something everybody should be thinking about.
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