A good credit score enables you to establish credit-worthiness, and allows you to get easy access to loans and other forms of financing, at lower interest rates. Here are five good ways for protecting a good credit score. Maintain A Low Credit Card Balance According to the Fair Isaac Corporation or FICO credit scoring system, having a low credit balance as compared to the amount of credit you re authorized, helps to make you a good credit risk. While you may be currently quickly paying-off your credit card debts, and settling any other outstanding obligations, your previous history of late or missed payments will still reflect on your score. As the credit experts often say, it takes time to repair your credit score. Myth No. 3 Closing Old Accounts Helps Boost Your Credit Report This myth s nothing but a common delusion. Availing a bank loan may be equally tough too, since most lenders will have second thoughts of offering their services to you, especially if they see your bankruptcy record. How To Stay Afloat Despite Experiencing Bankruptcy Whenever you wish to make a business purchase, or you wish to avail of a housing loan after an episode of bankruptcy, here are some helpful tips to follow. While the recovery process may be quite long and stressful, and sometimes you ll only be left with nothing with your shirt on your back, or your pants and shoes, there is always light at the end of the dark tunnel. Here are five innovative ways for rebuilding your credit after being bankrupt. Get A Secured Credit Card Once your bankruptcy has already been discharged, slowly build back your credit, by getting a secured or prepaid credit card. By keeping your card s charge levels low and manageable, you re actually showing restraint and responsibility, and you re keeping your credit score high as well. 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. The individual s financial data is submitted to a credit reporting agency by creditors, debt collection agencies, the courts and other public or federal agencies. Once a note or comment has been made or added to the person s credit report, it stays there for sometime. If the note is a positive one, it ensures that you ll have an easy time availing of different forms of financing.