5 Proven Techniques to Help Rebuild Your Credit after Foreclosure

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) February 16, 2012 -- California, February 15 2012, Applying for multiple credit cards at one time is not the way to build credit when starting fresh or recovering from a foreclosure. In doing this, you rack up multiple hard inquires on your credit report, which sends red flags to all potential lenders. As a result, you are denied and those inquires will stay on your credit report for 2 years.

1. Remove inaccurate information from your credit report: Review your credit report for
incorrect and outdated information. Once you find these negative trade-lines, dispute them

with the credit bureaus.

2. Use a bank secured credit card: Getting a secured credit card and using it responsibly is
an excellent way to build creditors’ trust in your ability to use new credit, so that, eventually,
you can get an unsecured card.

3. Obtain a retail store card: Retail cards like those at Macy’s and JCPenney are easier to get
than a major credit card. The reason the retail cards are easier to get is because they grant
lower limits and the card is tied to merchandise in their store only.

4. Apply for a credit union rebuilder loan: Here’s how it works: the credit union loans you
money that is deposited into a certificate of deposit (CD). You make regular payments that
are reported to the credit-reporting agencies. Once the loan is paid off, you get the certificate
of deposit and have a better credit score.

5. Use a secured bank loan: Save $500-$1000 and then, visit various banks with your credit
report in hand, asking them whether they do secure passbook loans based on your savings.
Once they agree, take out the loan and start making your payments on time. After six months

of good payments, you will be on your way to better credit.


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