Kenneth H.J. Henjum Law Offices

Family and Bankruptcy Law


(805) 654-7032

To rebuild your credit score, you will need to consider the scoring process. This is my understanding of the formula:

35% consideration of payment history
30% consideration of amounts owed
15% is contributed by the length of the credit history
10% consists of new credit that has been borrowed
10% of the rating is derived from types of credit that have been used (student loan, mortgage, car loan, etc.)


1. Pay your bills on time. Late payments can greatly effect the score.
2. Keep your debt ratio to total credit available in check: 30% of total outstanding debt versus total credit lines available. It is better to have two cards at 1,500 with a credit limit of $5,000, rather than one card with $3,000 and a credit limit of $5,000.
3. Keep accounts opened as long as possible, and avoid opening new accounts or closing old ones.
4. Diversify: Higher scores are achieved if you have had several types of loans: mortgage, car loan, credit card, student loans.
5. Multiple applications: Do not apply for several cards at one time. Having too many inquiries will hurt the credit score for six months.
6. Make sure the report is accurate.


The experience at our office has shown that many of our clients have rebuilt their credit scores to high levels in a short period of time, some as quickly as 12 months.

We are uncertain how mortgage lenders are going to lend money in the future, but our opinion is that it will take about 36 months to acquire a good interest rate on a mortgage. Car loans take less time, as it has been about 12 months to acquire a decent interest rate on a vehicle loan.

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