Chapter 7. Rebuilding Your Score After a Credit Disaster

So you’ve weathered the financial storm. Now what do you do about the mess that was left behind?

Your credit file might be littered with delinquencies, collection actions, repossessions, or even bankruptcy. You might worry that these mistakes will haunt you forever, or at least make getting credit terribly difficult and expensive.

Some people are so frustrated with their bad credit that they simply give up. Maureen in Cleveland wrote me about her daughter and son-in-law, who were turned down for several loans after filing bankruptcy. Humiliated, they vowed never to approach another lender.

“They’ve given up on their dream of owning their own house someday,” Maureen wrote. “I know they could ...

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