At the beginning of the credit repair process people tend to focus only on removing the bad items. Many times people will start without any open accounts. This will not get you the results which you need to see. Fortunately this is a situation that may be fixed and we'll show exactly how here.
There is a common misconception that bad items are the major factor in deciding your score. In reality it is of similar importance to have positive current activity. In order to see real improvement in your credit score you should be reporting positive items to the credit bureaus each month.
So What Are You Able To Do?
The first step you need to take if you have no open accounts is open one. That probably sounds like the last thing you need to do but hear us out. While you may still be in a position to get an unsecured credit card your best bet might be a secured one.
So What Precisely Is a Secured Card?
A secured credit card can be a dynamic credit building tool. Basically a secured card is backed by collateral that you provide to"secure" the card. For credit building purposes it's typically a relatively small amount of cash that becomes your borrowing limit. This protects the creditor and allows you to create a positive rotating debt. Be certain to keep your balance low and your payments on time.
Use An Authorized User Account
If you have got a relative with a great credit history see whether they'll put you on as an authorized user. This option won't be available in every situation due to family circumstances. But if available it is a great credit building tool.
The process is easy and you need?no qualifications. They are going to require some private information such as your Social Security ID. The card holder simply calls the card company and asks to have a card sent to you for emergency purposes. Within 2 months the card should show up on your credit history and you will get advantages from their excellent credit practices.
While the authorized user method is a straightforward way to raise your credit rating, it alone can't"fix" your credit. Building credit for yourself as well as becoming an authorized user will get you back on the fast track to great credit.
Author Resource:
If you want help improving your scores please check out my site on credit repair . Our top credit expert could be the answer to you credit worries.
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