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Taleah92

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How can I build my credit back up with out doing bankruptcy?
I would love to get my credit up to a 800 how can I achieve this ?

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Regarding improving credit scores: it all depends what is on your report.  Step one is to pull all 3 reports from annualcreditreport.com if you haven't already, and go through them making notes of all negative information that you have, and then seeing about addressing each negative.  Beyond that, simply having a few credit cards (4+ is "optimal' from a FICO perspective at least), and at least one installment loan, and then simply never miss a payment or let a debt go to collection or similar.

Filing CH7 or CH13 is a financial decision, not a credit one.  In my opinion finances > credit score; however, I view either type of bankruptcy as a last resort.  If you look at your outstanding financial obligations and you simply can't do it (you can find a worksheet for the BK calculation easily via Google, it's standardized and what the court will look at so do it before you go talk to an attorney) then consider the BK; however, if you can pay your debts, not only is a BK not likely to be granted, a BK will set your credit back for 10 years whereas no matter where you are now it's a shorter walk than that to an 800.

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First off, bankruptcy does not help your credit but hurts it for ten years. Second, I strongly suggest you read the articles provided by this site since the purpose2 [oif Credit Karma is to teach people how credit works and how to build a good credit score. Third, it's not the score number,that needs to be your focus, especially since an 800 is a difficult one to reach.  Mine is in the mid 700s and I bought a new car last summer at a less than 3% APR.  I currently have plenty of available credit and will soon have all credit cards paid in full.  Far better off than I was just  5 years ago, and that works very well. 

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Filing for bankruptcy is usually a dumb move, and I don't know why so many people do it. If you are in danger of being sued by a creditor for a large sum of money (more than you could possibly pay off in ten years) or in danger of losing your home, then it makes sense. Otherwise, it's better to just have a lot of charge-offs, collections, and pesky phone calls. All those derogatory marks together usually don't do the same amount of harm to your score that a bankruptcy does, and the bad marks go away after seven years instead of ten.
Sometimes on credit applications it will ask if you have EVER filed for bankruptcy and you really don't want to have to answer yes. 

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Why is an 800 score necessary? Sure, some people manage it, but if you can achieve a FICO of 750+ you will get the very best interest rates creditors have to offer. Good for you for having high goals, but a score that high is a case of diminishing returns--it's a whole lot harder to achieve and it won't make much, if any, difference in your life. 

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