Be on the lookout for any inconsistencies or errors, and carefully read all three of your credit reports. Once you see any errors, dispute those figures, and have them corrected or removed within thirty days. While your creditors may look like heartless individuals, the truth is that they are not your enemies. Shutting-off an old account only helps to make your credit report look young and fresh, but the damage has already been done before. Myth No. 4 Loan Shopping Hurts Your Credit Score Whenever a creditor makes an inquiry about your credit score, the score can drop by as much as five points. Some borrowers often fear that if they shop around for lenders, each time the lender makes an inquiry, their credit score plummets again. For instance, if you had a $60,000 credit limit on your credit card, and you ve only so far used $6,000, or 10% of the credit limit, your balance must never go up to as much as 30 percent of your card s credit limit. Always make sure that you maintain a balanced proportion of used credit to available credit. What's A Business Credit Score? Every business entity that borrows will generally have a business credit profile, from which the business credit score is taken from. While a number of firms track business profiles, the main business profile tracker is the Paydex system, which works like the FICO score for personal credit score. Stick To Your Budgets The best way for steering clear of mounting credit card debt, is by drafting a budget that s consistent with spending within your budget. While drafting this type of budget can be quite hard, once you re successful at formulating the right budget, it could help track down any unnecessary spending, and it will allow you to adjust your finances in order to spend for your real needs, and steer clear of unwanted debt. A prepaid credit card can act like a debit card, where you put in cash, and you draw against it, and you reload the card again. Always make it a habit to not use more than 40 percent of your credit limit on any revolving loan. Pay All Your Bills On Time To build up your credit score after bankruptcy, remember to pay all of your bills on time.