In todays economy many people are finding that they can no longer get a loan with bad credit. In today's world you need high credit scores to even be considered! If you are currently suffering from the effects of bad credit then the credit fix tips listed below will put you on the path to better credit and an easier life.
Take Care Of Your Current Debt
First start off by sitting down and looking at how much debt you currently have. Write down your balances, interest rates and minimum payments for each account. List them starting with the account that has the highest interest rate and ending with the account that has the lowest rate. This is the order you want to pay your current debt off!
Now That you Have a budget In Place
Next sit down and start a budget for yourself. This is very easy to do and basically involved comparing your monthly bills to the amount of money you make. If you find that money is tight find things to trim out. A good place to start saving your money is cell phone bills, cable TV or things like gym memberships.
Once you have yourself budgeted recalculate the numbers and see how much extra you can pay towards your current debt every month. This will help drop the debt to limit ratios which will boost your credit scores. And remember to start paying on time, a late payment can really drop your scores and any late payments you have are usually not a major credit score dropping factor after 12 months.
What If You Have No Credit?
Many People who have bad credit are in this situation because they simply have no credit history and in turn no credit scores. When it comes to getting loans no scores can actually be harder to deal with then having low scores! To get around this and get quick credit that will add history fast and give you credit scores within 30-60 days grab a secured credit card.
These credit cards are secured by a deposit of cash you make with the issuing lender. This deposit protects the lender in the event you default on your account. It also helps protect you from collections and judgments should you default! These credit cards report like a normal card does and when used with responsibility will add points to your credit report very fast!
One Final Tip To Help Boost Your Credit Scores Fast
If you are unsure on how to go about doing Self Credit Repair then pick up a good book or guide on the subject. Many are available online for a small fee and will help you get yourself squared away much faster.
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