People looking to fix credit problems are often dealing with one of two problems. These two problems are as follows, you either have no credit or bad credit. There Really is no other credit problems to deal with other then identity theft which is an entirely different situation.
How To Boost Your Credit If You Have No Credit History
Having no credit is a frustrating problem that can leave you feeling overwhelmed and frustrated. The feeling of not being able to get credit because you have no credit is enough to make you go crazy. However there are a few places that you can turn to establish a credit history.
Where To Get Credit Accounts
Secured Credit Cards- A secured credit card is secured by a deposit you make with the issuing lender. The deposit normally is equal to the accounts maximum limit, generally between $250-$500.
If you default on your account the lender is able to recover what you owe them from this deposit. In a lot of situations the bank will switch a secured card to an unsecured account after 6-12 months and return your deposit.
Rent To Own Centers- These are little talked about places where just about anyone with a job can get approved for financing. They work by selling consumers goods they need on an installment plan. The consumer gets to establish credit and the store gets to make a little more then standard retail.
I recommend that you buy something small you need like a laptop or Television and pay it off within 6 months to a year. Paying it off in this time frame will allow your credit to get a boost but you will not be paying too much for the item.
What Should I Do If My Credit History Is Bad?
If you have a credit history that is full of late payments and other negative information the first thing you should do is follow the steps above to add some good credit to your credit report.
Second you are going to need to examine your credit report and make a list of the negative accounts that are pulling your scores down.
Next draft a credit dispute letter for the first two negative accounts and send them into the credit bureaus. Under Federal law the credit bureaus must contact the issuing lender and ask them to provide proof on the negative activity they are reporting about you.
If the lender is unable to provide the proof within 30 days then the negative items must be taken off your report. Just remember to dispute items slowly about two at a time or the bureaus will mark your dispute as frivolous and ignore them.
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How Do You Draft a Credit Repair Letter
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