Using Credit Cards To Improve And Rebuild Credit

It might sound crazy, but opening up new lines of credit will help you to rebuild credit. Right after a bankruptcy or a period where you have had inadequate payment history in general, you need to reestablish a very good payment history. In the credit industry, you are only as good as your most recent 6 months of payments. This means that even opening up small credit lines or other sub-prime credit lines (like the variety of credit cards for people with bad credit) and paying them on time for six months will enable you to quickly reestablish your credit.

Whilst getting a secured credit card is basic, it may not be what you will need to rebuild your credit. Some secured credit cards do not report to the credit reporting agencies on a month-to-month basis. There are numerous ‘high risk’ credit cards that you can obtain quickly. These credit cards generally come with an annual charge that ranges from $80-$150 and a larger interest rate.

In order to acquire the card with the smallest yearly charge and interest rate, you need to attempt to go through your credit report and have the credit reporting agencies correct any inaccuracies before applying for your new credit card. This is a basic process that you can do yourself, with the guidance of a ‘do it yourself’ credit repair system.

Buying a credit repair system is a good investment as it will provide you with the most up to date and correct information. In addition, it is suggested that you discover a credit repair system that gives you some type of ongoing assistance as you go through the process.

Credit repair involves finding the wrong info on your 3 credit reports, disputing the mistakes with each credit reporting agency, and adding constructive accounts to your credit to aid to raise your score. The procedure can be swift as the Federal Credit Reporting Act demands that the credit reporting agencies address your problems within 30 days. The common credit report consists of between 3-5 errors. These errors can decrease your credit score by about one hundred points!

Once you take this step, then you can proceed to apply for many credit cards. As soon as you acquire your credit cards, use them liberally, and pay ninety% of the balance off each and every month. Over the following six months, you will observe gradual raises in your credit score. It might take a year or two to be in a sturdy financial place once again, but it will be really worth the time and work.

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