THE FASTEST WAY TO RE-ESTABLISH YOUR CREDIT

Building a good credit history is important. If you have no reported credit history, it may take time to establish your first account.  This problem affects young people just beginning careers as well as older people who have never used credit.  It also affects divorced or widowed spouses who shared credit accounts that were reported only in the other spouses name.

In today's world, everybody needs a credit card.  You cannot rent a car, book a hotel, order concert tickets  or do many things without a credit card.

The fastest way to establish or re-establish some credit is with a Secured Credit Card.  The program works like this: you send in a deposit to the credit card comapny (usually $1,000 or more) and then they send you a Visa card with a $500 limit.  If you use the card to make purchases and make regular monthly payments to the credit card company, it is reported on your credit bureau. Apply Now for a secured Visa

Secured credit cards will re-establish some minor credit, however it will not help you get a low interest rate when applying for a car loan or a mortgage.  Lenders reason that it is easy to pay off minimum balance on a credit card with a $500 - $1,000 limit.  Truly rebuilding credit will come from taking on and paying off a personal loan from your bank, an Automotive Loan, or a mortgage - all must be reported to the credit agencies.

A car loan to repair your credit while you are driving is a lot cheaper than restoring your credit with a mortgage.