If you are one of the millions of people out there with bad credit you need to step up and start doing something to get yourself back into credits good graces. Having good credit is the only way to assure that you will get the best interest rates on any loans and credit cards that you apply for. If you have bad credit you may not even get approved, then what? If you applied for a loan it was probably for a good reason, if you don't get what on earth will you do?
If you need to establish good credit here are some tips to help you succeed the first time out:
Get a copy of your credit report
Once you receive a copy of your credit report be sure to check it over carefully for any errors or omissions. If you see any at all, no matter how small they may seem, inform your creditors immediately. Give them a call first and then follow up with a letter. They will have thirty days from the time they receive your letter to get the problem fixed.
Lessen the number of credit cards that you carry
The fewer cards you have in your wallet the less money you will be tempted to spend.
For the love of green grass, pay your bills on time, every month
If you don't pay your bills (electricity, heating, etc.) on time this negative behavior will be put onto your credit report. This report is how creditors decide whether you are responsible enough to handle more credit or a loan.
Make your credit card payments on time
Just like with your ills, if you don't make your payments it will be added to your credit report bringing down your credit score. You should always try to pay more than your minimum monthly payments if you can. This will help you to start chipping away at the principal debt, lowering the interest you have to pay each month.
If you are so far in debt that you cannot see a way out there are people and services that can help you. Get in touch with a reputable credit counseling service and see what they can do for you. Just be sure to check them out with your local Better Business Bureau first. There are many of these services out there that are just out to get your money from you and you don't want to get sucked into one of these scams.
Rebuilding your credit is certainly possible, all you need to do is decide that it is something you are willing to buckle down and do. Then go for it.
Martin Lukac, represents, #1 Loans USA, a finance web-company specializing in real estate/mortgage market. We specialize in daily updates, rate predictions, mortgage rates and more: http://www.1LoansUSA.com