When someone applies for a credit, one thing decides the fate. If the person has a good credit score, it will not prove to be a difficult task for him, but if the credit score suggests the opposite then it's a problem. The ease it makes in the case of a very reliable track record, same is the amount of difficulty faced by someone with a bad record.
1) Checking and getting errors removed from previous statements:
You have to use a bank or a mortgage company for the purpose. In case you apply for a loan and suddenly you find some errors as bad credit in your credit report, then you need to provide the necessary papers and prove your point to a rapid rescor company. Your presented documentation needs to prove that the errors were on the part of the other party and not from your side. In case you maintain a proper check on your credit report and then improve your credit score, you will not only get the loans sanctioned easily in future but also the interest rates offered to you will be very less.
2) Credit report should not reflect negative credit
Once you spot an error in your credit report , getting it removed is not a big deal. All you have to do is inform the dispute to the specific author in written. Just an application might not solve the problem in some cases so proofing documents should be attached along with the dispute letter. Now the ball is in the court of the agency and it's their duty to get the complete matter investigated. If you go by law, most companies provide a vital time of approximately 30 days to track and report any sort of error in your credit report if any. In most cases it's not a very tedious task to make them agree that you are right in your request. They just study the statement and get it completely verified. In case the errors are confirmed by them, they will make all useful changes easily.
Try to get a card with higher credit limit. It will not be an easy task to do with your bankrupt status, but you must note that big banks also have larger clout on the credit rating companies. Smaller banks will give you high-interest credit cards easily, but that would not do as much for your credit rating as a card from a big bank. For example, an account from Citibank can increase your score more than a bank that has less credibility than this one. Bigger credit bureaus can clearly offer better offers along with better services and can also help you maintain a reputation in the market at some stage. The best thing to do is to use as little of the total credit limit you have with you. Keeping your debts small with improve your available and spend limit ratio.
So just go for a boost up in your credit score ratings to get a much sounder financial base.
Source by David Faulkner