1. Start saving a small amount each month, until you have enough to meet at least 3 months' worth of needed expenses.
2. Develop a budget and stick to it.
3. Pay your bills on time. That means not mailing the payment on the due date, or paying after the due date but before the date set for a penalty, but at least three days before the due date.
4. Get a low-limit ($300-500) card, use it to buy only as much as you can pay in full at the end of the month (or whatever period your card uses).
5. If you have no utility bills in your name, change one to your name, and pay it regularly.
6. If you can, pick a discharged debt to pay. Save the money to make a lump sum payment. The discharge means the creditor cannot take action to collect, but it does not prevent you from paying it.
7. Get your free annual credit report from www.annualcreditreport.com every year and make sure it is correct and up to date.
8. Check your credit score at a free site
9. Do NOT apply for credit at more than on source. Multiple credit applications reduce your score.
Control your spending. Know what you spend. Spend only for what you need and only if you can afford it. If you get gas, don't go into the store to get a soda or a snack. Write down every penny you spend for a week. Lower that amount the following week. Repeat as needed.
A foreclosure or bankruptcy is never good for your credit, this is something you'd be better off discussing with an attorney. You can avoid foreclosure by filing bankruptcy.
If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.
Neither is good. However, a repossession does less damage and is removed from your credit report within less time than a bankruptcy.
If your partner files for bankruptcy and you don't then the bankruptcy will not appear on your credit report. But you will be partly responsible for before bankruptcy filing. Generally filing bankruptcy will affect the credit rating of the individual who filed it.
Filing bankruptcy does not remove a charge off report from a credit card on your credit report. It just adds bankruptcy to your credit report.
A foreclosure or bankruptcy is never good for your credit, this is something you'd be better off discussing with an attorney. You can avoid foreclosure by filing bankruptcy.
If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.
The bankruptcy will appear on their credit if you include this card in your bankruptcy. If you leave the card off the bankruptcy, it will not effect their credit.
Neither is good. However, a repossession does less damage and is removed from your credit report within less time than a bankruptcy.
will bankruptcy increase you credit score over time
If your partner files for bankruptcy and you don't then the bankruptcy will not appear on your credit report. But you will be partly responsible for before bankruptcy filing. Generally filing bankruptcy will affect the credit rating of the individual who filed it.
Filing bankruptcy does not remove a charge off report from a credit card on your credit report. It just adds bankruptcy to your credit report.
You do not have to necessarily get credit counseling before you can file for bankruptcy.
A bankruptcy will remain on a credit report for the required ten years, it cannot be removed arbitrarily.
It is better to be honest than to get caught in a lie. If they pull your credit report, they will be able to see that you have if it has not been at least 10 years from the bankruptcy.
You would probably be better off refinancing your mortgage first and then applying for bankruptcy later on. My mom had to file for bankruptcy due to credit card debt she could not pay.
The only way to remove a bankruptcy from your credit report is to dispute it to the credit bureaus. The credit bureaus have 30 days under the Fair Credit Reporting Act, to verify your bankruptcy withe the court that filed it or it must be removed from your credit report.