Learn the Top 4 Strategies to Rebuild Your Credit

- Get a secured credit card.
- A secured credit card works just like a regular credit card with one major difference; you have to make a deposit. So you would make a deposit, typically $300-$2,000. You then have an available balance equal to that amount.

- You get your money back when you cancel the card or, sometimes, after you establish a history of on-time payments with that creditor.
- Your payment activity is reported to the credit bureaus just like a regular credit card. No one can tell that it’s a secured card. Keep the card until you can qualify for an unsecured card and then cancel the secured card.
- Get a loan.
- Here is a trick real estate investors have been using for years: Deposit $1,000 in a savings account. Then take out a loan against that account; the account will be frozen. Take that $1,000 loan and open up an account at a different bank. Do the same thing. Two or three loans are enough.
- Now you have several loans and an extra $1,000. Use that money to make payments on your loans. As you pay down the balances, an equivalent amount will be freed from your savings accounts. Pay off the loans in a few months and you’ll have some great positive credit on file.
- An alternative if you don’t have any money to start is to borrow the initial $1,000 but let them hold the money. You make the payments and get the $1,000 after the loan is paid off.
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