Gaining credit

Hello ya'll i know i have been away for a while, i got a little bit discouraged, but i am back for another lesson!

So the last few posts we have been talking about how important credit is and what we need it for and all that jazz. That's great, but as many of you know its easy to talk about that responsibility. Many of use have abused it in the past, or learned our lesson on credit and are afraid to get back in the game. Well honestly i could give you a hundred excuses of why i am not ready to get credit, or how i need more time, but its all bollocks. You need to start making repairs and you need to do it now!

The first step to repairing your credit is to find out what is on your score. Many banks offer to check your credit, and you can find the government website to check it as well. (( as a side note, beware of signing up for credit checking services, as many will charge you a monthly service fee)). Once you get your credit report it will come in a big packet, that will not only show your score, but it will also show you what is lowering it. Missed payments, collections, too many lines of credit....all those sorts of things will be on there. Focus on paying something off, the sooner you can get it off of your credit the more your score will improve. If you credit has not been completely ruined, i always suggest looking into debt consolidation. Yes it is another loan, but making one monthly payment of 100 or 200 dollars makes more sense then paying five 75 dollar payments.

If your credit score is just too low, look into prepaid cards. Many prepaid cards let you put your own cash down as a security and then borrow against it. Yes it does seem dumb to pay interest on your own money, but remember you are paying for the credit. Once you have a decent credit score again, you will be saving more money then when you had bad credit and were just paying for everything in cash.

I know todays post is a bit skimpy but there is not a whole lot to cover on this topic as options are limited. Please leave any comments below and i will answer promptly.