Thursday, September 28, 2006

Rebuild Credit Score

Generally, credit scores range from, say, 200, to as much as 1,000. Generally, a bad score is below 620.

Trying to build or rebuild a credit score? Closing accounts often won’t help.

The old advice that clients keep only one or two credit cards actually could hurt a score.
• Apply to a bank or credit union for a secured card.
• Have a loan cosigned.
• Apply for revolving credit. A retail credit card may prove easier to get than a bank card.

Check with Credit bureaus and try to improve a score and obtain credit reports, upon which the credit score is based. Check the rules how long bad information may stay on a credit report so that outdated bad information be removed.

Accurate negative information may stay on a client’s credit report for seven years.

There’s no time limit for:

• Information on criminal convictions.
• Information reported in response to an application for a job that pays more than $75,000 annually.
• Information reported because you’ve applied for more than $150,000 worth of life insurance or credit.


Comments:
There are actually 3 ways to rebuild poor credit scores.

By secured/Unsecured credit cards, loans and mortgages.

If you are looking for secured cards or loans to rebuild credit, better check out this list of lenders that offers poor credit financing

And by the way, if there's anyone who has credit problems, you can read credit card reviews, of lenders who approves bad credit creditcard which could be helpful for people looking for cards for bad credit and poor credit loans.

I hope you'll find my articles helpful.
 
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