| you have declared bankruptcy in your business, your | | | | the conversion can be made from 6 months to 1 year. |
| credit score will be greatly affected. Your score will | | | | Take note that converting a secured account to an |
| definitely go down and you will suffer a lot of | | | | unsecured one will mean a high interest rate. However, |
| consequences. You can no longer charge or purchase | | | | having a regular account will also improve your credit |
| items using your credit card. In addition, you may be | | | | score so it’s worth it. In addition, you will also |
| required to pay for higher interest rates. Luckily, there | | | | improve your credit score by opening and paying for |
| are a lot of steps on how to improve credit score | | | | additional accounts at the right time. |
| after bankruptcy. Fixing or increasing your credit score | | | | Make sure that you are able to pay your bills on or |
| after going to this kind of situation would take some | | | | before its due date. You should pay for your newly |
| time. If you focus on improving your credit score, you | | | | opened accounts and other assets that you have kept |
| can get good results within a year up to 18 months. | | | | after bankruptcy. Your assets include a car loan or a |
| Open a charge account at a retailer store that sells | | | | mortgage that are still running. Paying your bills on time |
| appliances or pieces of furniture. This is because the | | | | will show that you are able to manage your finances. |
| big retailer stores would be more willing to give you | | | | Once the lenders see that you are working hard and |
| credit after knowing that you declared bankruptcy. | | | | are managing your finances well, they might become |
| You might get a soaring amount of interest rate. | | | | your good prospects. |
| However, the value of the product that you are going | | | | Lastly, always keep an eye on your credit report. This |
| to get will also boost your credit score. Once you buy | | | | report contains all the necessary information regarding |
| the item from that store, make sure to pay half of the | | | | your finances including transactions, loans, payments |
| total sales price. This is important because putting | | | | and others. You may want to order a copy of your |
| down a large down payment will make it easier for | | | | credit report from one or all of the credit bureaus. This |
| you to pay the whole lot. In addition to this, if you pay | | | | is important so that you can see whether or not errors |
| half of the total price, you will not have an interest | | | | are present. Once you see an error or anything that |
| which is too high for you to handle. | | | | you do not recognize, contact the credit bureau |
| After that, open a secured credit card account and | | | | immediately and ask for a clarification. You can also |
| convert it to an unsecured account after a certain | | | | ask for a correction if you believe that one or more |
| period of time. If you are paying your balances on time, | | | | data in the report are erroneous. |