After a natural disaster, the first thing you have to do to get back into your home, is clear away the damages. If the home was your credit, that part of the process would be credit repair. Then, once you've removed the rubbish, you can start putting the frame back up and the walls back in. That part is rebuilding your credit.
You see, getting rid of the negative information isn't enough to get your credit score back into the high 600's and 700's. You have to add some newer, more positive information to your credit report to get a better credit score. Rebuilding a home requires that you first purchase new materials to build the home with. Similarly, rebuildng your credit means you get new credit...read more about Rebuilding Bad Credit.
You see, getting rid of the negative information isn't enough to get your credit score back into the high 600's and 700's. You have to add some newer, more positive information to your credit report to get a better credit score. Rebuilding a home requires that you first purchase new materials to build the home with. Similarly, rebuildng your credit means you get new credit...read more about Rebuilding Bad Credit.
Good information in this post. I would like to echo what was said about being wary of the the ‘re-establish your credit’ credit cards. They often times have ridiculously high interest rates to say nothing of introductory fees that can use up to 95% of your available credit. In other words, you can get a card with a credit limit of $100 and after the annual/membership fees are charged to the card, you wind up with a balance of only $5.
Very nice article. I was wondering how to go about rebuilding my credit. Thanks.