Monday, September 5, 2011

Ways to rebuild bad credit

Question: After bankruptcy, can I rebuild my credit without credit cards?

-- Deanna Laycock


Answer: You should have three types of positive credit going at the same time - both revolving and installment. Don't be fearful of revolving credit, such as credit cards. As long as you pay off your balance each month, having a credit card will only help. Another type of revolving credit is a "store" credit card. The interest rates will be high, but this, too, is a positive as long as you pay off your balance every month. Installment credit includes mortgages and car loans. If neither is a viable option, try buying a small amount of furniture from a big retailer on credit. As long as you make every installment payment on time, this arrangement will also help you achieve your goal.

by Dave Cherry Ask Dave The Arizona Republic Sept. 4, 2011 12:00 PM

Ways to rebuild bad credit

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