How to Fix Bad Credit

If you want to know How to Fix Bad Credit, Listen Up!

Take it from someone who has literally brought themselves back from bankruptcy. If you don't want to go through bankruptcy, you can learn more by reading these informative Debt Consolidation Articles.

Many years ago I had a couple of businesses that fell on hard times and went into bankruptcy.

I went through the painful process of trying to dig myself out of debt but ultimately had to give in. The process is a deflating one, to say the least, but I did get through it.

However, I learned a very important lesson about how to Establish Credit once I came out the other end. And Establishing Credit, or even Fixing your Credit, can be a daunting task.

So here is my Number One Tip on How to Fix Bad Credit.

- You have to Apply For A Secured Loan and Pay it Off under the Exact Terms of the Loan.

You may say that your Credit is So Bad that nobody will give you a Loan.

It's not true. There are Credit Cards available that you can get even if you have Bad Credit.

Some Credit Card Companies might charge you an upfront fee for the card and usually the Credit Limit will be Very Low, but you shouldn't care.

This will help Fix Your Credit as long as you meet the terms.

In other words, you pay on time every time, never go over your limit, and use the card as you can afford.

Lets say you get one of these cards with a limit of say, $500.00.

You should use the card for something you know that you will have the cash for and when the credit card bill comes, pay it right away. Not some of it, the whole amount.

You must use the card otherwise it will have no effect. As you use it and live-up to the terms, you will be establishing a good credit record for that vendor which get reported to the credit information agencies.

This normally takes about a year to have a Positive Effect on Your Credit

but in the end, it will be worth it. If you want to refinance with bad credit, at least, try to fix your credit as well, it certainly won't hurt.

If you know How to Fix Bad Credit you will hopefully put yourself back on the road to Financial Stability.