Sunday, November 14, 2010

How can I rebuild my credit?

I have no debt, I have assets (car) and I have a credit score of 595. I've never declared bankruptcy and I have an income. What is the best way to rebuild my credit so that I have an open revolving account on my credit report? All of the bad credit credit cards have very high initial fees. Could I possibly get approved for a regular credit card with lower fees?How can I rebuild my credit?
I'm not one to advertise sites on here, but I do believe this is one of the most informative sites for credit questions and inquiries that I have found to date.

They will have the information that you are looking for in your particular instance.How can I rebuild my credit?
All you need is one or two credit cards to build your credit score. Search around for credit cards that have no annual fees, an interest rate lower than 7%.

The key is to have a large credit line, with no debt. They also like to see you make payments on time. So my suggestion is, when you go grocery shopping use the credit card, then transfer money over to pay it off immediately.

This just shows you have a credit line, you use it responsibly and make payments on time. Your credit should build from there. Oh and never ever close an account. The longer you have a credit line open, the better.
building credit requires dedication and money management skills. Make sure you pay all your bills on time. You don't have any debts so that should be a good start for you. You need to get a credit card to start building your credit history. After you get one, make sure to always pay the balance in full every month. This is the best way to up your credit score. I'm not sure which cards you can get approved for but I'm sure the site below can help you better in that. Keep up the good effort you've put in so far to stay debt free. Good luck.

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