The Top 3 Ways To Turn Bad Credit Into Good Credit

Thursday, October 5th, 2017
Updated: October 5th, 2017
The content is accurate at the time of publication and is subject to change.

Having a good credit score is essential if you want to do things like get the lowest possible interest rate on your mortgage or be approved for an elite rewards credit card. Some potential employers will even check your credit history before offering you a job. So, if your credit is less than stellar, possibly even downright bad, what can you do to turn it around and have great credit?

The first thing to know is that it will take some time to rehabilitate your credit score; it won’t happen over night. But with some patience, even the lowest credit score can be brought up. Here are three ways to achieve the credit score you need in order to have all the things you want and deserve in life.

1. Pay down your debt. You’ll need to make a list of all the debts you are currently carrying. This includes credit card debt, personal loans, student loans, business loans, auto loans, and medical debt. Get a copy of your credit report and make sure you know how much you owe, and to whom. If there are mistakes on the report, call the credit bureau and the financial institution that provided the faulty information and get it righted. Now make sure you are not in default on any of your loans, and if you are, contact them and ask them to work with you to bring your account into good standing. Make a payment plan so you can begin to chip away at your debt, and avoid incurring more debt until you’ve paid off what you owe.
2. Apply for a secured credit card. If your credit is subprime, you may have trouble being approved for a regular, unsecured consumer credit card. But in order to bring up your credit score, you’ll need to have use of a credit card so you can show that you are creditworthy. A secured card is designed for folks with bad credit; it will allow you to put down a deposit as collateral, and then issue you a line of credit equal to that deposit.
3. Use credit responsibly in the future. Going forward, make sure to always pay your bills on time, avoid maxing out credit cards, and keep your accounts in good standing. Over time, your credit will begin to improve. With patience, your efforts will be rewarded, and your bad credit will become good credit before your eyes.

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