Repair Bad Credit
Ways to Repair Bad Credit
If you are in financial trouble, there is no quick-and-easy way to repair bad credit. Above all, financial experts caution that the very worst thing you can do is to do nothing. Start with your creditors. Contact them, explain your situation, express your desire to prevent further deterioration of your credit, and see if better payment terms can be worked out.
Contact the Consumer Credit Counseling Service to see if they can obtain better terms with your creditors. Give up all credit card use; put yourself on a budget, no matter how strict it seems. If you don't have the cash to pay for it, you can't afford it, at this point.
You Can Deal with Bad Credit
If you have taken these measures, you have made a good beginning at solving debt and credit problems. There are other things you can do to repair bad credit. Get your credit report from the credit bureaus and make sure every item is accurate. Get a secured, pre-paid, or stored value credit card.
These cards have inherent credit limits and will restrict your charges to a specified amount. They maintain the convenience of having a credit card for emergencies, however. Pay off the balance every month to repair bad credit. Get a friend or family member to co-sign for a loan, if you need one. Their good credit enables you to get a loan more easily.
