Bad credit can follow you around wherever you go. There is no escape from the image of bad credit, and that does not just apply to those seeking loans. Bad credit ratings can cause you to be disqualified from certain types of employment - especially jobs in the financial or government sectors, or most positions that require trustworthy individuals as candidates.
Further, bad credit ratings and derogatory comments on your credit report can result in landlords and renter associations refusing to rent to you - or to charge you huge deposits on the apartment, condominium, or home that you want to rent. So, as you can see, bad credit can cause problems not only when you wish to borrow money, but in other areas of your life as well.
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Avoid Credit Repair Scams
Many people with bad credit turn to credit repair services in an attempt to receive a fast fix for the credit woes. The truth of the matter is - no one can improve your credit overnight, nor can they honestly promise to produce improved results in less than six months. You can do many or all of the things that credit repair services claim to be able to perform exclusively on your behalf. Many credit repair services will charge you hundreds of dollars and produce very few, if any, positive results. Your best course of action is to repair your credit the old fashioned way - by yourself.
Check Your Credit & Start Repairing It Now
You are entitled to one free copy of your credit report each year, and your first step in your road to recovering your good credit should be to obtain your credit report. You should get a free copy of your report from all three major credit reporting bureaus. Look for any erroneously reported items that are having a bad impact on your credit, and work to have them deleted from your file by contacting the credit bureau to dispute the account.
The same holds true for accounts that you are not responsible for or do not own. Items that are currently in collection pose a different problem. By contacting the collection agency that owns the account and offering to make recourse for the account by setting up a payment plan is usually acceptable by most collection agencies as many accounts will simply end up charged off (and that costs them money). Follow through with your payment agreement for accounts in collection - and be sure to ask them to remove the item while you are repaying (most will).
If you have not done so, establish a checking and a savings account at your local bank or online. Having these two accounts shows potential lenders that you are a stable individual.
Open up several secured credit card accounts. Run a balance of 30% of your credit limit each month while paying off amounts more than thirty percent. Pay your payments timely, and avoid being late - even if you are just a day late, this can have a negative effect on your credit rating. Pay in advance when possible.
Save Money With Online Lenders
Look for lenders online who specialize in bad credit lending. There are many fine lenders on the Internet who will be more than glad to furnish you with bad credit loan products that can help improve your credit score immensely.
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