If you want to repair your credit but do not qualify for a regular credit card, consider a secured credit card. Most people are able to get this type of card, but you will have to load it up with a prepaid amount of money, as a guarantee that you can pay any charges that you make. By using a new card responsibly, your credit rating will start to increase.
When beginning your credit repair journey, remain wary of companies pledging to get negative credit report entries deleted, especially if those entries are accurate. Negative info stays on your history for seven years! You can, however, succeed at having incorrect information erased from your credit reports.
You must pay your bills consistently if you want to repair your credit. More importantly, you need to start paying your bills in full and on time. As soon as you start paying off your bills so that they are not late, your credit score will immediately start going up.
As part of your credit repair process, it is a good idea to terminate all of your credit cards except one. Call your credit card company and try to work out a repayment plan, or transfer the balances of multiple cards to one lower interest card. You will be able to pay one bill instead of a plethora of small ones.
It is important to carefully review your monthly credit card statement. You don't want them reporting these to the credit reporting companies, so you'll need to contact them immediately if there are.
Filing for bankruptcy is a bad idea. Bankruptcy does not drop from your credit report until ten years have passed, so you will deal with the fallout for a significant period of time. It might seem like a good thing but you will be affected down the line. Bankruptcy destroys your ability to get any sort of loan for at least a few years, so don't file unless you have to.
Although it's easy to feel like you can never recover from bad credit, it is possible to do so. Here are some helpful hints for turning your credit around.