2- I’m using WamuCards.com and these are the tips they give to raise your score:

-Pay your bills on time for several months.
-Get current if you’re behind on some accounts, then keep paying on time.
-If your balance is more than 50% of your credit limit, pay more than the minimum due.
-It will take time. The more responsible you are in paying your credit card on time for a long period of time, the better your credit will get.
-make sure there are no errors on you credit report. If so, contact the credit reporting agencies.*

3- whatever you do, I’ve been told over and over… going to a credit agency to help you ‘fix’ your credit score is a scam. There are no shortcuts when it comes to raising your score. Time and responsibility are the only ones that will help you. Trust me-save your money and use it to pay off the card.

4- Finally, one thing that helped me personally… Don’t use your credit card anymore. Just use your money, if you have it. Cut it up if you won’t be able to resist. This is what helped me raise up my score.
No more card to worry about–pay on time–give it time.
If you’re worried about emergency money, use part of your earnings to save up to $1000 for an emergency fund.

It is impotant to remember that your FICO is made up of a percantage of things
35% = Making ONTIME payments, even if it is the MINNIUM!
Mail it in a week early!

30%= debt ( monies charged, loans..) VS. What amount of credit is actually available to you. The smaller debt and bigger credit is what you are aiming for.

15%= Length of credit history. Having accounts open years ago, actually helps sometimes. Unpaid ones could potentially help also, it is establishing how long you have been around , getting credit. Shows them you have a history. So dont go cancelling older cards… that would erase some of your history , actually damaging your score.

10% = New accounts and inquires on your credit.
Obviously more inquiries lowers your score.

10% A good mix or balance on the types of loans and credit you have. ( RE: Home , car, credit, departmant store)

You should probably stay away from those and go for a secured card. Here you put a deposit of about $300, and they give you a credit card limit to match. The difference between the Secured Card and the cards that charge the fees is that on the cards that charge the fees that money is gone directly to them. A good company for a secured card is Orchard Bank.

When you get the card be sure to never go over 30% of your limit, and pay your bill In Full and on-time every month. After about 6-12 months of a good history you will start to qualify for better cards and loans.

Also, about a month after your bankruptcy is discharged you need to pull your credit report and verify that all your debts that were included in the bankruptcy are correct. If they are not you need to dispute that with the credit reporting companies.

Start with 2 credit cards and charge everyday things be careful never to exceed 30% of your credit limit and pay in full before the due date.

This should raise your score at least 100 points over a 24 month period.

Then you can start on your installment credit with a car, furniture or personal loan.

P.S. I’m in Canada.

Your best bet is to let time work for you.

I want to explain something to you and I want you to hear me.

Repairing your credit history is not an overnight affair. It is a process. Anyone who makes representations otherwise is strictly out for your money or for your attention.

The extinguishing of your debts with the windfall of money will not undo the damage that has been down. It will not erase the historical credit information which has shown that you are a credit risk.

However, if in the next 24 months, you show near flawless in responsibility in paying your obligations ON TIME, you would be surprised how your credit can turn around.

Your best friend is time — it won’t take 7 years to get in the clear, but it sure as hell will take more than 7 months to get out of the hole!

I’ve found some good information here too…

http://www.safelinked.info/jump.php?link=debt

Hope that helps.

Get a big piece of paper and write all your debts on it, with the interest rate next to them. Rank them with the highest rate at the top and the lowest rate at the bottom.

Now, to pay them off, you need to pay extra on the highest rate debt and the minimums on the others. Do it in that order. When the highest rate debt is clear, move your money to the second highest, and keep paying them off til you are debt free.

Now, I would go get some financial counselling about the items in collections. Laws and rules differ wherever you live, so find out from an expert. Since they are in collections, they might not have any interest rate, and if that case, just pay the minimum on them you need to.

Get a cheap secondhand car. That will set you back less. Take an expert friend with you when you make the purchase, and get it checked out for roadworthiness.

You might have some serious trouble getting a loan if your credit is shot to bits right now. Work on improving your debt burden. Once it is clear, then you can get a credit card with a low rate or an interest free period, and make regular purchases with it. When you use it, pay it back the same day, paying extra. So if you spend $50, pay back $52. Try internet or phone banking for this. Doing this will improve your credit history over time. Be prepared for it to take months or even a couple of years for your credit history to come back up.

In the meantime, get your debt under control, and don’t overborrow for the car. Since cars go down in value, money borrowed to buy them is ultimately wasted. You don’t get your money back when you resell the item. So stick to modest vehicles. A smaller vehicle, perhaps ten years old, will give you good fuel economy and won’t cost you heaps in interest. I personally wouldn’t touch a car loan with a 12 foot barge pole, but then, I don’t mind driving a 30 year old car.

Best wishes