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How To Build A Solid Credit Rating From Scratch

How To Build A Solid Credit Rating From Scratch

Building a solid credit rating from scratch is not as difficult as one might think. The reality is that you can establish a decent Credit Score in as little as 3 months and have a solid rating around the 12-month mark. From that point, if you maintain proper borrowing habits, you can have an impeccable rating for the rest of your life.

The key is to have a basic understanding of what actions affect your rating and to follow a basic strategy design to keep you within the limitations of those influences. If you are starting from scratch, never having had credit, here is an easy to follow step by step guide to establishing your credit. As well as suggestions on avoiding a few pitfalls along the way which could hurt, instead of helping if you fall into them.

Step 1) Check Your Report

While it may seem ironic, even if you know for a fact that you have never had credit before, checking your history is the first step. Your report contains more than just credit accounts on it and may have inaccuracies pertaining to other areas. I had a $500 phone bill attached to my report of which I had nothing to do with. In fact, it was tried to a business I worked for but had no ownership in nor any ownership responsibilities.

While it is fairly rare, you may be surprised to find out that someone else has been using your good name instead of you. With the expansion of the internet, this occurrence is not as rare as it uses to be. Regardless, it is good to know for sure what you are dealing with. To learn where you can check your report for free visit Rebuild-Credit.us.

Step 2) Dispute Errors in Your Report

If, when you check your report you found no errors in your report then you can move on to the next step. However, if you did, in fact, find a discrepancy you will have to clean them up before you can go forth with your endeavor.

It is very important that you take the time to so, and go through any possible frustration that might arise as these errors left on your record will not only plague you but cost you a lot of money. It is the healthiness of your report that lenders base the interest rate they will charge you.

This can literally cost you thousands of dollars in interest over the years and it will drive your monthly payments up for the same amount of money borrowed or charged. We have written an article to further assist you in clearing negative items from your report. This article; “How to Dispute Discrepancies in Your Credit Report” can be viewed at Rebuild-Credit.us.

Step 3) Secure Personal Credit

Once you have verified your report and have resolved any disputes that you may have found within it, the next step is to secure credit. This is easiest accomplished by securing a credit card. The fact that you are not established as of yet will be a factor in where you should apply.

Rather than applying for standard card and loan offers, start with accounts that are tailored to meet a specific need. Applying for a standard card before your rating supports the requirement can place unnecessary negative marks on your report. Each time you apply for credit and are turned down it is recorded negatively on your report and lowers your already low score.

Your first attempt at securing credit should be a gas card, a department store card, a secured card, or a prepaid card. These vehicles are specifically designed for the purpose of offering credit for those with a low rating, or for someone who has yet to establish themselves. It must be pointed out that you can expect to pay higher interest as the risk is higher for the issuer.

In today’s boom, there are several qualities guaranteed approved cards available for you to establish yourself with. Each makes monthly reports to the reporting agencies which assists in improving your credit score. Providing that you make your payments on time, your score will climb to a high enough level where you can apply for a standard card with normal interest rates. Remember, it is best to seek out offers than to respond to those which come in the mail.

Step 4) Begin to use Your Card

Once you have obtained a credit card you need to use it regularly and pay the balance off in full each month. Many who get a credit card for the first time will take advantage of the opportunity to get that stereo they have been wanting or some other consumable.

You should never use your new card instead of cash, especially while you are trying to build your credit. Instead, your goal should be to use your card to cover an expense that you normally pay cash for, like gasoline or perhaps your noon meal. Instead of spending the cash, save it, and use it to pay your charges in full when the bill comes in.

Be responsible with your card and you will realize your score rising each month. The higher the Credit Score the lower your interest will be on the next card you apply for and your odds for approval will increase drastically, to mention your borrowing power.

Step 5) Review Your Progress at Least Quarterly to ensure that you maintain a solid credit rating

After you have used your card responsible for 3 months check on your credit progress. Providing you have been responsible you will notice your score has increased. Check to ensure that all of your payments are being reported accurately. If you find and errors now are the time to take action on them to correct them before your portfolio gets out of hand. Monitoring your report regularly allows detecting possible credit fraud in its early stages as well.

Step 6) Increasing Your Limit

As previously discussed, once your Credit Score reaches various levels and you have proven yourself to be a good risk you will be flooded with numerous pre-approved offers, and as stated, these offers are not always in your best interest with many bordering on Predatory Lending. While it is your objective to increase your limit to a comfortable level, it is best to do the research yourself.

Another site we would like to direct you to is Credit-Card-Rates.info. They offer detailed non-bias reviews on over 130 credit cards from leading providers such as American Express®, Discover®, Bank of America, Chase®, and more.

They also provide a pre-qualifying questionnaire that does not ask for specific personal information nor is any information gathered whatsoever. Once submitted the questionnaire returns all of the possible cards you qualify for. Each one links to a non-bias detailed review of both the pros and cons of the card’s benefits and rewards. A convenient online application is just one click away.

When using the questionnaire it is in your best interest to answer the questions accurately as it does provide an accurate result to the cards you qualify for. This will help you to keep from getting negative hits on your report for applying to cards you don’t qualify for yet as well as secure a solid credit rating.

How To Build Up Your Credit

How To Build Up Your Credit

There are many effective ways to build credit. In order to keep creditors from bothering you, and in order for you to get a loan with a reasonable interest rate, you need to learn how to build your credit. The best place to start is to not buy things that you don’t need. If you always make impulse buys, you will find yourself in deeper debt very quickly. And if you have no credit history at all, you must keep that in mind.

Build a good credit if you have bad credit

If you have bad credit, consult one of the many books available written by qualified financial advisors in order to get started on the right path. You can find books like these at your local library. In these books, you will find checklists and step-by-step advice that will help you turn your credit around. There are also guides available at the library that can instruct those in debt on how to write letters to their creditors. Letters are probably a more effective avenue to take rather than communicating by phone since most creditors will not be sympathetic to your situation.

Another value of written communication is that if you should end up in court, the written documentation will be easier to submit. Verbal commitments can be easily denied without written documentation. Any documentation that is relevant to your credit issues should be stored in a secure place. Make copies of any communication with credit agencies (both to and from you), and keep it under lock and key. If you notice any errors on your bills or credit, be sure to contact the correct agencies and dispute and resolve the charges right away.

If you have used your credit card to purchase an item or service and the item you bought was defective, you DO NOT have to make a payment on the charges. You do need to dispute the charges with the service provider that sold you the product. If the proprietor does not exchange the item or reimburse you for it, you have the right to deny payment. Once you have disputed the charges with the proprietor it is then your responsibility to contact your credit card company to dispute the charge.

If you have bad credit and have a credit card, you can use the card to repay your other debts and then make monthly payments on the credit card. Ironically, you are getting out of debt while remaining in debt. In other words, if you use your credit cards to pay other debts, your debt on your credit card will continue to increase. Since credit cards charge significant interest rates, your debt will continue to increase unless you can make significant monthly payments.

No Credit, No problem?

If you think that you do not need credit at all, that is simply not the case.

In today’s world, in order to make any major purchases, it is often a requirement that you have at least one major line of credit. Most lenders will not consider lending money or give credit to someone that has no established credit history. We are expected to establish a credit history when we are young, and if we do not lenders often wonder why, which makes you look like a high risk.

They have no way of knowing your payment record, or if you are able to pay off the debt at all. There are several reasons that lenders will refuse you a loan if you have not established a credit history. The best way to establish good credit is to have a credit card, make your monthly payments on time, and keep your spending under control. Good credit means managing your money each month and paying your bills on time.

How To Choose A Credit Card To Meet Your Needs

How To Choose A Credit Card To Meet Your Needs

It will take a little work if you choose the right credit card that is most suitable for your needs, but it certainly will prove to be worthwhile in the long run. Whether you want it so that you don’t have to carry cash with you, or you are a businessperson who is looking to have an accurate record of all business-related expenses, there will usually be one card that is a little more beneficial to your situation than others.

Here are some things to look for to help you choose that perfect credit card

Determine Your Primary Use of The Credit Card

Probably the most important question to ask upfront is what do you want to use your credit card for most? This should largely determine what kind of card you need to look for. For instance, if you are in business for yourself, or if you travel a lot for your business, then there are a couple of cards that will really help you save some money.

If you fly a lot, then go for a credit card that will give you a lot of air miles upfront, and will also give you a lot of options that you can use the points for. It should also have the option of allowing your points to be used for hotel rooms and possibly car rentals.

If you drive a lot, then go for a gas card that gives you rebates on your gasoline, and make sure your points can go toward car rentals, or towards a new car. There are also business credit cards that will not only help you with these things but will also allow you to use your points toward the purchase of new office equipment and other similar things that every business needs.

On the other hand, if you are a student, or a mother just wanting to use it for more simple expenditures, like gas, food, prescriptions, and some pizza money, then you just want a regular card that will reward you for these types of expenditures. On these items, you can expect to get up to a 3% rebate, possibly more on other types of purchases. Many cards may only give you 1% of a rebate, but by looking around, you can get the 3%.

Needs For Debt Consolidation?

If you have found yourself getting in debt pretty deeply from credit cards, then you can use a new credit card to actually help you eliminate some of the debt. Here’s how. Get a 0% APR interest credit card that will give you the opportunity to have balances transferred to it – but make sure that there are not any balance transfer fees.

Many credit cards have these fees, but there are just as many that do not have them. Why pay for it when you can get this option for free from someone else? You also want to be sure that the introductory benefits last for at least one year – some only last for three months. Then, if you still have debt on this card, be sure to get yourself another card before the year expires, and give yourself another year of 0% APR interest on it.

Getting The Most Benefits From Your Credit Card

No matter what benefits you have attached to your credit card, you will not enjoy much of them unless you do two things. The first thing that you need to be sure to do is to pay your credit card bills on time so that you do not pay the monthly late fees. Being late even once with some credit card companies is all the excuse they need to charge you the full amount of interest – from that point on. A second thing is to pay off the bill in full each month – in order to avoid the interest charges – after the introductory period expires.

Establish A Good Credit Rating

With something as simple as too much debt owed on a credit card, many people have wiped out the possibility of buying some of the bigger items they may really want – like that nice house that they have dreamed of for so long. The best credit card will also help you to build up, maintain, or repair your credit rating, too – if it is used wisely.

How To Deal With A Credit Bureau To Repair Your Credit

How To Deal With A Credit Bureau To Repair Your Credit

Good credit is crucial in today’s economy. Good credit allows you to have credit cards, obtain a car or home loan, and to take advantage of many other money-related conveniences. It is possible to live without good credit, but having a bad credit rating can affect you negatively for the rest of your life. It is crucial to deal with a credit bureau to repair your credit if you need to achieve these conveniences.

You might be surprised to know that only a handful of credit bureaus in North America hold the key to your credit rating, and therefore your financial future. These credit bureaus receive the positive and negative reports issued by your creditors and create your personal credit report and credit score based on the results. If your credit history is poor, it is important to repair your credit so that you don’t get turned down for a mortgage or even a department store credit card. In order to do this, you must first learn how to deal effectively with a credit bureau.

Begin by finding out what credit bureau has your file. This information will be on any rejection letters you may have from a declined credit application. Next, you’ll need to obtain a copy of your credit history. Remember that you are allowed, by law, to obtain a copy of your credit history if you’ve been denied credit, though some organizations might imply otherwise. You should only pay for a credit report if you want an instant copy, rather than to have one mailed to you, in which case a bureau will send you one for a fee.

It is important to remember that a credit bureau is in the business of collecting and selling information. This means that you should never provide them with any information that you are not required to by law unless you want them to use it against you. It is legally necessary for you to provide the following to get a copy of your credit report:

  1. Name
  2. Social Security Number
  3. Legal Address

The credit bureau might request copies of your social security card or your driver’s license. If they ask for a copy of your driver’s license as proof of address, it’s best to provide them with a copy of a bill or something else addressed to you instead. You should be careful when providing credit bureaus information because most own collection agencies and they will use any of the information that you provide to hassle you with the credit and collection issues that you are already trying to fix.

Examine your report closely and note any possible errors. If you have questions about a specific debt, you can mail a written request to the credit bureau that they investigate that particular debt to repair it as soon as possible. Legally, the credit bureau is required to document any discrepancies on your credit report, otherwise, if they don’t do this in 30 days, the entire item must be removed. Most of the credit repair companies out there will charge you fees to perform this service, but you can do it yourself for free with just a little bit of time and effort.

Learning to deal with credit bureaus will allow you to engage in successful credit repair without paying a credit repair company a high fee. When you educate yourself on what the legal obligations are that credit bureaus entail, in many cases, you can effectively repair your own credit just as quickly as a credit repair company.

Need more help to repair your credit score? Get some tips here!

How To Find A Legitimate Debt Settlement Company

How To Find A Legitimate Debt Settlement Company

It is important that before you consider filing for bankruptcy protection or go on a debt management plan that you consider contacting a legitimate debt settlement company first.

What is a debt settlement? Debt settlement is a way of negotiating and reducing the amount of debt you have with each creditor. A debt settlement company can negotiate with your creditors on your behalf and get them to agree to a lesser amount. In addition to negotiating the amount owed to each creditor, a debt settlement company will also send them the payment for you, take care of all the paperwork and agreements reached with each company, and also negotiate how the settlement of your debt will be reported to the credit bureaus.

You may wonder why companies would agree to lower the amount that you owe them. In most cases, companies realize that if you are not paying back the unsecured debt that you owe them unless they can come to some terms to help you pay it back they will likely end up getting nothing. So when you look at it from their perspective, something is definitely better than nothing, even if it is less than they were originally owed.

Using a debt settlement company can be an excellent way to recover your financial freedom and repair your credit rating. The best thing about using the debt settlement process is that after the debt has been paid, you owe nothing at all. The debt is settled and you are debt-free.

So now that you know what a legitimate debt settlement company is, and what it is that they do, the next question is how do you find a good, reputable debt settlement company?

In order to find a reliable debt settlement company, you will have to do a little research. You can start by looking in the usual places – online in search pages and in the phone book. When looking for them keep in mind the following criteria and see if you can get these answers: How long have they been in business? Are they registered with the Better Business Bureau? If so, how is their rating with them? Do they have references that you can check up on? It is extremely important that you entrust your financial future to a reputable company, and the more you know about them the better able you are to make an informed decision.

How To Get Rid Of Your Bad Credit In Two Months

How To Get Rid Of Your Bad Credit In Two Months

You were sure that you would get the loan that you applied for, but to your surprise, a bank turned down the loan. The bank explained to you that you have bad credit and you have to get rid of it first before you can apply. Also, they consider your subprime. Subprime means that you have bad credit and a score of less than 620 on the FICO scale/rating. This however doesn’t mean that you can’t apply for loans. There are many lenders and companies who specialize in lending to sub primers.

Ways to get rid of your bad credit in two months:

You can start by checking your credit report. Many times the information that may have been entered is incorrect. If you do find the errors, write to the credit company stating the errors and the corrective action for it.

Ask for your credit scores from Trans Union, Experian, and Equifax. Thus you can know your credit score and devise measures to make it better.

Pay off your loans; even payday loans can become big if you add them up. Control the urge to borrow small, even if it is $20. Just imagine $20 a day means $600 a month.

Use cash to make your purchases; this way you can definitely lessen your credit card debts. Use only one credit card. Too many credit cards mean that you have to also pay annual fees on them. Don’t take cash against your credit cards. The rate of interest on cash loans is very steep. In fact, make payment in full for your credit card purchases. In this way, you wouldn’t have to pay for interest on interest.

Make a budget for all your expenses and then weigh it against your income. If your expenses are more than your income, cut back on the expenses. Otherwise, you will be in debt. This will then affect your credit rating. In return, you will have bad credit.

Following these simple techniques, you will be able to get rid of your bad credit in two months.

How To Improve Your Credit Record Legally

How To Improve Your Credit Record Legally

If you have a history of late payments, unpaid bills, or accounts sent for collection, your credit record will suffer. A bad credit record gives you a low credit score and makes it difficult for you to get needed credit or loans for things you really need. It’s time for you to improve your credit record legally to get needed credit or loans for things you really need. Here are some tips!

Your credit history

Almost everything you do with credit, both good and bad, is reported to a credit reporting agency. A history of paying late, or not paying at all, is sent to credit reporting agencies. Bankruptcies, judgments, and liens also find their way to your credit report and hurt your credit rating.

The good news is that positive information is also sent to credit reporting agencies. To keep track of your credit standing, you should review your credit report at least once each year. You can correct errors and clean up any wrong information that might be on your report. Review your credit report and correct errors to improve your credit record.

How to improve your credit rating

Here are some of the best ways to improve your credit rating:

Pay bills on time. Late payments really hurt your credit standing. It is best to pay the entire balance on your credit cards each month. If you can’t, be sure to at least be paid the minimum payment on time. The more you pay each month, the less interest you’ll be charged.

Don’t go over your credit limit. Some credit cards allow you to go over your credit limit. They usually charge you extra in penalties for doing so. In addition to paying penalties, going over the limit hurts your credit score. It tells companies that get your credit report that you aren’t paying attention to the limits of your account. If you don’t exceed your credit limit, you won’t have to pay penalties. This allows you to pay your balance down sooner.

Cancel some of your credit cards. Having lots of credit cards can hurt your credit score. When you apply for new credit, the company checks your credit report. One of the things they look for is how much your combined credit limits are and how much you owe. As you get closer to your credit limits, your credit score goes down. Applying for lots of credit cards lowers your credit score. One bank card and a department store or gasoline credit card are all you really need. Cancel the others.

Deal directly with creditors. Some businesses (creditors) you owe money to may be willing to take negative information they reported off of your credit report if you pay some or all of the money you owe them. Creditors must report payments you make, but they are not required to take negative information off your report unless they agree to do so. You will have to speak with each creditor individually to see what, if anything, they are willing to do.

If a creditor agrees to take information off of your report in exchange for a full or a part payment, get their promise in writing before you pay. If you pay the balance, even without an agreement, they must update your credit report to reflect a paid-in-full status. If you discharged debts in bankruptcy, those items can still be included in your credit report.

Avoid Scams

Credit repair companies promise to improve your credit. They may also promise to get you a loan or a credit card. They lead you to believe that they have special ways to get negative information off your credit report. They don’t.

Credit repair companies have no special powers to improve your credit record. There is nothing they can do for you that you cannot do yourself. Paying them leaves you less money to pay your current bills and past debts.

Because of the problems with credit repair companies, strict laws were passed to regulate their activities. For example, they must provide a written contract that you can cancel within five days. They can’t require payment in advance and all promised services must be completed in 90 days. They must also register with the Department of Justice and file a $100,000 bond with the Secretary of State. Be aware that very few credit repair companies follow the law.

How To Tackle Your Super Bad Credit to Avoid Bankruptcy

How To Tackle Your Super Bad Credit to Avoid Bankruptcy

The more you understand about any subject, the more interesting it becomes. As you read this article you’ll find that the ways to avoid bankruptcy is certainly no exception.

Those of you who are not familiar with the latest on avoiding bankruptcy now have at least a basic understanding. But there’s more to come.

If you have bad credit and a lot of debt like most of the people in the country, it may seem that there is no hope for you. Don’t worry because there may be a light at the end of your tunnel. You might want to consider debt consolidation services to help you with your credit repair efforts. Many times this process eliminates stressful payments and helps get consumers out of debt at the same time.

Credit Repair can be an answer to a prayer for many people; particularly those who are hoping to buy their first home or a new car. Finding the right company to trust with this process may be a difficult challenge, but with the help of a professional debt counselor and a little bit of research, you should be able to find a company to represent you well. You can do this by going online and researching as many companies as you can. Get reviews and rate quotes if you can.

The next step that you have to take is to gather up all of your debt information. You can start by asking yourself some of these questions: How many credit cards do you have? How much are your minimum payments each month? Questions like these will be important information for you to share with the representative who will handle your transactions. After you find a trustworthy company and begin sharing your information, you will be quoted a monthly fee. The rest is up to the consolidation company.

You will be able to enjoy lower payments, however, (you will no longer make the payments to your creditors, but to the consolidation company) and less time in debt. Debt repair could be your answer to get out of debt without resorting to bankruptcy, which is just as beneficial. There are many debt consolidation companies in the world these days. This is mostly because so many people need to be out of debt. Most credit repair companies see this trend as an opportunity to conduct business in a thriving market. It is your responsibility as a consumer to find a company that will best represent you and your needs. Sometimes, with so many choices, this can be nearly impossible.

When choosing a company to help you repair your debt, you have to begin with research. Ask about company history and reviews. You can find these online very easily. You should also check the company’s status with the Better Business Bureau. Also, ask friends or relatives who have consolidated debt which companies they chose and why. Make sure you also ask them about the company’s policies.

Make sure you ask questions before signing on the dotted line. Getting out of debt will not be easy, but it shouldn’t ruin your credit or cost you a fortune, either. Basically, you can begin getting out of debt by being wise with your money, getting a copy of your credit report, and finding a credit repair company.

I hope that reading the above information was both enjoyable and educational for you. Your learning process to avoid bankruptcy should be ongoing–the more you understand about any subject, the more you will be able to share with others.

Want more free tips, tricks, and techniques to avoid bankruptcy? Click Here to grab more!

How To Use A Secured Credit Card To Repair Your Credit

How To Use A Secured Credit Card To Repair Your Credit

One way to repair your credit is to obtain a secured credit card. You may wonder how this is possible with bad credit when you will most likely be declined when filling out a credit card application. However, without a credit card, you will have a hard time proving to creditors your responsibility in making payments on time.

If you have ever had credit cards, paid a bill monthly, or obtained a loan, you have a credit rating. When you make payments to a creditor, they report these payments to credit reporting agencies that compile your credit report and track your credit history. If you miss a payment, or even worse, your debt gets sent to a collection agent, this affects your credit rating negatively and may prevent you from obtaining more lines of credit when you need them in the future.

As soon as you realize you are in this situation, it is crucial that you immediately begin to make an effort to repair your credit rating. To most people, this seems like a difficult thing to do, but doing nothing to repair your credit will only prolong the damage for up to seven years. Until your credit is better, you will find that you are barred from any type of loan or even activities that require credit, such as renting a car.

Try a secured credit card. Secure credit cards are marketed especially toward individuals with poor credit. These credit cards work when the customer applies a deposit equal to their credit limit. For example, if you make a deposit of $100, your credit limit will be $100. The credit card company then uses your deposit toward any balance on the credit card resulting from late payments.

This type of credit card is risk-free for the company that issues it because they can always deduct the balance from your deposit, so it makes sense to issue these cards to people with poor credit. One drawback to secured credit cards, however, is the annual fee that most regular credit cards don’t charge.

After you have obtained one of these secured credit cards, use it sparingly but regularly, and make sure you mail all of your payments on time. This will enable you to slowly, but surely, repair your credit. You will demonstrate to your creditors that you are trustworthy, responsible, and pay your bills on time.

Taking steps towards repairing your credit will eliminate the risk of keeping your credit rating “poor” for up to seven years. However, after seven years the black marks on your credit will finally be taken off, so waiting is always an option. If waiting

How To Wipe Out Bad Credit And Rebuild Your Credit Report

How To Wipe Out Bad Credit And Rebuild Your Credit Report

Most people who have bad credit think there is nothing they can do about it. They mistakenly believe that they have to live with their bad credit for a long time.

You don’t have to live with bad credit or pay hefty fees to have your credit repaired. You can remove bad entries in your report and rebuild your credit profile. You don’t need to spend a fortune to accomplish this. Armed with the right information you will be on your way to rebuilding your credit record.

Credit bureaus are required to delete items that are not 100% accurate or cannot be verified within a reasonable period of time. Also, outdated information must be deleted.

The first step in repairing your credit is to get a copy of your credit report. You need to know what the credit bureaus are saying about you. By law, you can get a copy of your credit report, for a fee. However, if you have been denied credit within the past 60 days, then you can get a credit report at no charge from the credit bureau.

When you receive your report, examine it carefully. Damaging information may appear in your report without your knowledge. Make sure all information is current and accurate. Identify any incorrect or inaccurate information that has been entered into your report. Pay close attention to all the accounts listed on your report. Mistakes happen all the time. Make sure you do not overlook any errors.

You can have damaging information deleted from your credit report. You have the right to dispute incorrect or misleading information on your report.

To do this, complete the dispute form that you received with your credit report and return it to the credit bureau. Be sure to send your dispute letter certified mail, return receipt requested. This will provide you with a paper trail and help you remember when to follow up.

If you dispute an item, it must be reinvestigated and deleted if in the event the item is found to be false or unable to be verified. By law, if the credit bureau does not respond within the allotted time, then the disputed item must be deleted from the report.

Another way to smash negative credit remarks on your credit report is to take advantage of the “100-word consumer statement” which allows you to file a brief statement detailing your side of the story and submit this to the credit bureau, for inclusion in your report.

Once your credit report is updated, you should request that the credit bureau send an updated copy of your report to any businesses that checked your credit within the past six months (or two years if it involves employment).

Now that you’ve removed the negative entries, it’s time to rebuild a good credit report.

One way to add positive information to your report is by taking out a small loan backed by funds in your savings account. When you pay off the loan, your security deposit will be released to you.

You can also build credit by having someone with good credit cosign on a loan for you. This strategy can speed up the process of rebuilding your credit.

Having a secured credit card can help you build or rebuild your credit. To obtain a secured card, you are required to deposit money in a savings account to guarantee the charges. The deposit is frozen and left untouched until it is obvious that you have defaulted. So make sure all your payments reach the company before the due date. Always stay within your credit limit.

If you ever wanted to wipe out your bad credit and rebuild your credit report, now you can. A good credit record can make your life easier and more enjoyable. Take action now.