Look Into A Secured Credit Card

Credit repair can be a slow process, and you may find yourself

building your credit back up bit by bit over a long period of time. A

good place to start is with a "secured" credit card. These cards are

issued by companies that usually target people with bad credit. Unlike a

regular credit card - for which you will be no doubt be turned down for

if you have bad credit - a secured credit card usually requires that you

give an initial deposit equal to the card's credit limit. In other words,

you give the company $500 for a card with a $500 credit limit, and they

reserve the right to use that deposit against any balance if it remains

outstanding for too long.

From the issuer's point of view, your bad credit won't matter because

they are assuming no risk: you're never going to owe them more

money than you've already given them to start with. From your point of

view, secured cards are far from ideal, but if you have bad credit, and

need to engage in credit repair, you don't have any choice. Precisely

because you don't have any choice, secured cards are usually

accompanied by annual fees that regular credit cards are free of.

Once you have a secured credit card, use it sparingly but regularly

and make sure to make all your payments on time. By doing this over a

long period of time you will slowly repair your credit rating, and gain

back the trust of creditors who have refused you in the past.