How To Get Positive Credit

It is estimated that 60% of Americans have negative or derogatory listings on their credit reports, and 10% have a bankruptcy on their credit files. But the world goes on, and there are strategies that you can deploy in order to get back into the game. You can still win in the long-run if you immediately take the bull by the horns and begin building positive credit. Follow the steps given below, and with time and persistence, you will again have a top credit rating.

STEP #1:

If you have good credit with some lenders, and who are not shown on your credit report, you can easily have them added on to your file for a charge of about $2-$3 each. But do make sure to get clearance from these lenders themselves, to avoid future misunderstandings.

STEP #2:

Get Gas station cards such as, Sunoco, Mobil, or Exxon. They are easy to obtain.

STEP #3:

Get a savings and checking account. This is a big plus in your favor.

STEP #4:

Have a relative co-sign a bank loan in the smallest amount you can get. To make things easier, give your relative the first few months of payments right away to show your good intentions. You do not have to repay this loan fast; rather what matters is that you are making consistent monthly payments.

STEP #5:

You can borrow someone else's good credit for your benefit. Ask a relative or friend if they would be willing to sign you on their card as an authorized user. Make sure that your relative has good credit first of all. To make matters easier, when your credit card arrives, simply hand over the card to your relative, so he or she won't think that you're going to go on a wild spending spree and leave him or her in the lurch. This way you can piggy-back on someone else's good credit.

STEP #6:

Make sure you hold down a steady job, so you can be seen as financially stable.

Step #7:

Speed up the credit improvement process by following this simple, sure-fire method of credit rebuilding:

• Go to the bank where you have your checking and savings account, and deposit $500.00 in your account. Then, after a week or so, go back to your bank and ask for a short-term loan (around 12 months) in the amount of $500.00 (the exact amount you deposited), which you will give the bank as security.
• The bank will gladly lend you money, anywhere from 70% to 100% of your security deposit. If they ask why you want to do this, be honest and tell them that you want to rebuild your credit. Lending money is regular business for the bank. They are not doing this because they want to help you.
• Your original deposit of $500.00 will continue to earn interest while it is being held as security.
• Make sure to let the bank know that you want your payment history reported to the three credit bureau each month. Check up on this to make sure the bank is doing this.
• Now take the loan amount given you and open a savings account in a second bank.
• Follow steps A-E, and go to a third bank, and repeat the entire process. You should get 3-4 loans in this method.
• Do not be in a hurry to pay off the loans. Just keep up the regular monthly payments. You will be surprised how quickly you fix your credit.

This really is the best way to manufacture excellent credit. However, you will be paying interest on the money you borrow, but it will be offset by the interest that your deposits will themselves earn.

STEP #8:

Get VISA and MasterCard since these two cards are the best way to significantly improve your credit. The full details are given in the next Section, which completely familiarizes you with credit cards and how to use them for your benefit.

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Credit Cards And How They Can Help You