At the beginning of the credit repair process folks tend to focus only on removing the bad items. Many times people will start without any open accounts. This won’t get you the results which you need to see. Fortunately this is a situation that may be fixed and we’ll show exactly how here.
There’s a common misconception that bad items are the major factor in determining your score. In reality it is just as important to have positive current activity. So as to see real improvement in your credit score you ought to be reporting positive items to the credit offices each month.
So What Can You Do?
The first step you want to take if you haven’t got any open accounts is open one. That potentially sounds like the very last thing you need to do but hear us out. While you may still be able to get an unsecured credit card your best chance might be a secured one.
So What Exactly Is a Secured Card?
A secured credit card could be a dynamic credit building tool. Fundamentally a secured card is backed by collateral that you provide to”secure” the card. For credit building purposes it’s generally a comparatively little amount of money that becomes your borrowing limit. This protects the creditor and lets you make a positive revolving debt. Be certain to keep your balance low and your payments in good time.
Take Advantage of An Authorized User Account
If you have a relative with a sound credit history see if they will put you on as an authorized user. This option won’t be available in each situation due to family circumstances. But if available it is a great credit building tool.
The process is easy and you needÂ no qualifications. They are going to require some personal information such as your Social Security ID. The card holder simply calls the card company and asks to have a card sent to you for emergency purposes. Within 2 months the card should show up on your credit report and you will get advantages from their good credit practices.
While the authorized user system is a straightforward way to raise your credit rating, it alone can’t”fix” your credit. Building credit for yourself as well as becoming an authorized user will get you back on the inside track to great credit.
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