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3 Steps To Getting Your Credit Back On Track

[Friday, June 16th, 2017]

Having bad credit can feel like you’re in a sinking ship without a life jacket. It’s a scary feeling, and it can be very isolating. The shame associated with having poor credit doesn’t help; you may feel guilty, and that you’ve done something wrong. But this may not be the case at all. Many people’s credit suffers through no fault of their own. You might have lost a job, gotten a divorce, been ill, or had some other unfortunate life circumstance that was unavoidable, and resulted in damage to your credit history.

The good news is, you can overcome bad credit. There’s nothing that won’t eventually come off your credit report, given enough time. And with careful use of your credit, your score can go from the basement, all the way to the sky. Here are three steps to cleaning up your credit and achieving a score that lets you do all the things you dream of doing.

Order copies of your credit reports. This is the essential first step. You’ll want to get actual copies of your report, not just your FICO score from a credit card statement or from your bank. Order free copies of the reports from the big three credit bureaus: Experian, TransUnion, and Equifax. Then go through them with a fine-toothed comb, checking for any inaccuracies or inconsistencies. Up to 80% of credit reports contain mistakes, so look carefully and don’t be surprised if you see faulty information, or an account that isn’t yours. If you do, contact the credit bureau to let them know, and they can tell you the next steps to take in order to correct the information.

Make a payment plan. Once you’ve done that, you’ll want to sit down and figure out exactly how much you owe, and to whom. Consolidate debt where you can, and apply for balance transfer credit cards or low interest loans if your credit is still good enough to qualify. A consumer credit counseling service can help you make a plan to pay down your debt and get all your accounts in good standing again.

Apply for a secured credit card. In order to truly get your credit back on track, you’ll want to have a credit card you can use, to show that you can use it responsibly and get some positive information on your credit report. A secured card is a great choice for this, if your credit is damaged to the point where you can’t be approved for a regular, unsecured credit card.

See also

Q: Why Secured Cards Are The Hottest Trend In Credit

Once upon a time, not many people had heard of secured credit cards. And even those who had heard of them weren’t so clear on what exactly they were.

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Q: The Best Cards for Improving Credit

If your credit has suffered due to a job loss, a divorce, illness, or any other circumstance, you might be wondering whether you’ll ever be approved for a credit card again.

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Q: Two Cards for People Who Can’t Get Credit Cards

If your credit is poor and you find yourself getting turned down for credit cards again and again, you may worry that there is no way you will ever be able to get a credit card. Maybe a divorce, an illness, or unemployment left you with a bad credit rating. Or maybe you are young and don’t have any credit history.

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Q: What Makes a Secured Credit Card Secure

Many people may not be familiar with the term secure credit card. If it’s your first time stumbling on secured credit cards, you may wonder what they are.

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Q: The Pros and Cons of Secured Credit Cards

With the many types of credit cards available to consumers today, it can be difficult to narrow down the best offers and decide which credit card is best for you. And if you have limited credit, you may also be trying to decide between a secured credit card and a traditional card credit.

more ››
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