Many of us are faced with the harsh realities of having a bad credit history. Sometimes it might be because we simply didn't understand how credit works, didn't know how to effectively manage our finances or were just irresponsible with our money. However, other times, the causes are out of our control. Either way, having a bad credit history can be a real source of headaches and frustration for many of us. However, there are a few things you can do to help get things back on the right track.
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Unless all of your purchases can be covered by the amount of cash you have on hand, you're probably going to have to rely on your credit history for some transactions. This can include the obvious items such as buying a house or a car, but also includes things such as renting an apartment, opening a new account or getting a credit card (more on this one in a moment).
Unfortunately many banks and others that "qualify" us for items that we need, like those mentioned above, use your credit history as a gauge of how likely you are to repay money loaned to you in the future and how much of a risk it is loaning money to you right now for a certain period of time. That's really how lenders use your credit history, as an estimate of how you borrow (and repay) your debts.
So of course the first thing you should do in order to turn things around in your favor is make sure you're paying your bills on time, every time. So that means taking care of any outstanding bills, anything that has already been sent to a collection agency or any bills that are quickly heading in that direction.
Then, you should focus on establishing an on-time payment history, either with your existing accounts or with a new account. You've probably heard the old phrase "it takes money to make money" and unfortunately, many people think the same holds true for getting good credit - that you have to have good credit in order to build (and keep) good credit.
However, that's not necessarily true. For instance, often times, even someone with a bad credit history can qualify for one of the numerous credit offers most banks make available. These offers can be in the form of secured charge card accounts or, with some banks, even unsecured charge cards.
By using such an account responsibly, you can use it as a springboard to get you to a better credit rating. Continually using your new charge card and then paying it off every single month (or every other month at the most) allows you to demonstrate a responsible payment history for lenders and the credit bureaus to take notice of. As you continue paying your old debts off and keep showing responsible, on-time payments on your brand new account, you're likely to also see your credit rating increase.
So then the only trick is finding banks that have these kinds of offers but this is actually easier than you might think. First of all, most of your smaller local banks or credit unions will be the best places look in order to find these kinds of offers. An even better option is right at your desk. The Internet is a wide open marketplace for these kinds of offers from large and small banks alike, meeting the needs of just about any borrower, regardless of their situation.
Why not start looking around today and see if one of their offers meets your needs too?
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