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June 29, 2022

Credit Wise

Credit not so great? It may even be bad. Don't give up - it's possible to rebuild your credit history. The most important thing is that from now on any credit you keep or open "must" be paid on time - every time.

Rebuilding your credit is similar to starting over from scratch. Start slowly: Try to open one or two new accounts. Attempting to open a number of new accounts when you already have problems can be damaging. Taking on additional debt can concern lenders (it can appear you're taking on more debt than you can afford.

If you can't qualify on your own, ask a friend or family member to co-sign for a small loan or credit card. If you stay current with major credit card accounts and/or a small auto loan, this will speed up the process of reestablishing good credit on your own.

Still no luck? Consider a secured credit card (guaranteed by a deposit you make with the credit grantor). This type of card has the same purchasing power of a major credit card. Make sure the grantor reports payment histories to one of the three major credit bureaus. This will help build a positive payment history for you.

Use your new accounts in moderation - make payments that are more than the minimum. Keep a small balance on the account. This will show a positive payment history on your credit report. Avoid carrying a balance that is more than 30% of your credit limit.

It takes time to rebuild credit history. It is important to show that you are not depending on certain credit cards and loans for survival. That's why opening and paying down accounts will make it a lot easier to get additional credit. With timely payments and patience, you will be able to build a new credit history that creditors will look upon favorably when making their lending decisions.

Remember - pay your bills on time, every time. This is one of the most important actions you can take to rebuilding your credit history!
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