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How To Rebuild Bad Credit
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Rebuilding credit is a lot like losing weight – you start with a definite plan but lose track midway. It takes a lot of time and patience to improve your credit score. Do not attempt some of the quick fix solutions often advised on the internet. Instead, use some of these tried and tested ways:
• Pay Existing Loans On Time:
Making your monthly payments on time is the single most factor affecting your credit score. This is especially true when you’re planning on rebuilding your credit. If you are a forgetful person, set up a planner that allows you to organize payments on time. And if your bills have gone to a collection agency, focus your attention on the ones where you have a good standing. Collection agencies try threatening tactics, but paying them is not as important as paying bills where you have a good account standing.
• Choose A Car Loan:
Applying for a car loan when you’re in debt may seem counter-intuitive, but this is the easiest way to build credit. Car loans are considered installment loans or close-ended accounts. Such loans are for a fixed amount with no scope for further borrowing or repayment, i.e. you borrow and repay a fixed amount every month. It also establishes your ability to borrow and repay a large sum of money within a fixed time, thereby building your credit faster. Look for companies that offer bad credit car loans, or no credit car loans. Shop around for deals that allow cashback offers and other discounts.
• Choose a Secured Credit Card:
Start afresh with a secured credit card wherein you will have to deposit a fixed amount of money as collateral before borrowing. But before you choose a card, make sure that they report payments to credit bureaus and avoid using more than 30% of your credit limit.
• Seek Help from a Credit Counsellor:
If you aren’t good at managing finances, or have a tough time resisting the urge to spend, hire a credit counsellor. They’ll help you plan expenses and contribute towards maintaining a healthy budget.
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