Steps To Re-Establish Credit

 

Your credit is extremely important when trying to assure lenders that you're a good credit risk. Take these steps to build the best credit record you can - before you need it.

 

*Open checking and savings accounts.

 

*Lenders want to know you have a checking account available to pay bills.

 

*A savings account indicates you are putting aside something for the future.Get a copy of your credit report.

 

*Most lenders base their lending decisions on credit worthiness.

 

*Obtaining and reviewing a copy of your credit report can help you understand how you measure up to lender's standards.

 

*Correct any errors or omissions on your credit report.Some credit reports include errors or out-of-date information.

 

*If you find errors on your credit report, call the credit reporting agency.

 

*Collect positive information about your payment habits.

 

*The more positive information you provide about yourself the more comfortable a lender may feel about granting you credit.

 

*If you've borrowed money before, get positive confirmation from the lender that you've repaid the debt.

 

 

*Apply For Credit Consider applying for a small loan at your local bank.

 

*Apply for a secured credit card.

 

*You deposit a certain amount at a bank.

 

*In return, you are issued a Visa or Master card with a credit limit equal to the amount of your deposit.

*Once you have credit, use it wisely.

 

*Charge small amounts on each card.

 

*Don't max-out your credit cards.

 

*Once you have been approved for one credit card or loan, don't go out apply for several more.

 

*Pay your bills on time. ALL THE TIME..