The COVID-19 pandemic has caused a great deal of economic turmoil
around the world, impacting the lives — and livelihood — of millions.
With unemployment rates at a record high, there are many who have
fallen on tough times financially.
If you are someone who has recently filed bankruptcy
at the hands of the COVID-19 pandemic, here are a few suggestions for
how you can start to rebuild your credit:
1. Check your credit report.
Monitoring your credit report—especially now—is important to
ensuring your credit history is accurate. You can get a free copy of
your credit report from each of the three major credit reporting
bureaus—Equifax, Experian and TransUnion—at AnnualCreditReport.com. If
there are errors found on your credit report, disputing
them may help improve your credit.
2. Pay your bills on time, if possible.
Making on-time payments is one of the most effective
ways to rebuild your credit. Even if you can only pay the minimum
balance, do your best to stay on top of your monthly payments.
3. Get a co-signer.
A co-signer may be brought on as an additional
repayment source for a loan, enabling you to obtain financing terms
you might not otherwise be able to obtain. However, before you get a
co-signer, you both should have an understanding that the co-signer is
responsible for the amount owed if you don’t pay.
5. If you’re looking to purchase a vehicle, seek out a
finance company that specializes in extending credit to those with bad
or no credit.
Subprime financing is available to consumers with bad credit or no
credit. Car dealers enrolled in the Credit Acceptance auto finance
program can approve you for financing regardless of your credit
history. And, since we report to the three major credit bureaus, you
have an opportunity to improve your credit history by making on-time
To get started, simply fill out this short form on our website to get
connected with an enrolled car dealer who can help you start your
credit approval today!