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How To Build Credit, And Credit Cards To Rebuild Credit

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  • How To Build Credit, And Credit Cards To Rebuild Credit

    One thing is certain - you need good credit!

    Good credit allows you to buy the things you need; cars, houses, electronics, education etc. Also, good credit allows you to get the best interest rates, borrow the most money, and let you get ahead in life. If you have bad credit, you will be left behind, and be taken advantage of.

    It takes credit to build credit and have good credit. Credit cards to rebuild credit are available. If you have no credit, or badcredit, don't despair. There are a few things you can do.


    Get a co-signed loan. A co-signed loan is when a borrower with no/bad credit has the loan guaranteed by someone else who has a good credit rating. This holds both people responsible for paying the loan, and at the same time helps you establish credit.


    Get a credit card. How can you do this if you have no credit? Simple. A few credit card companies have credit cards that cater to people in this situation. Major banks don't often do this, but they are out there. These cards sometimes require a security deposit. What this means is you send the company (for example 300 dollars) and that becomes your credit limit. They hold this money in case you default on the card. Over time, they may give this money back to you and increase your limit when you show you are credit worthy.

    Over time, as you pay your balances, your credit will improve.


    If you have bad credit, or don't want your credit to be ruined always make at the very least your minimum payments on any loan you have. Always pay on time, and keep your balances low. Credit cards to rebuild credit only work if you keep your spending under control. Pay all debts, don't take out more then one card.

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