Unsecured Bad Credit Loan: Accepting Bad Credit Without Financial Security

[Italkcash Newsfeed]

How can you repair your credit fast? How to get started? What are your experience on how to repair your credit fast?

The Doc

[Ms_Margaret]

1) Pay down your credit cards. Paying off your installment loans (mortgage, auto, student, etc.) can help your scores, but typically not as dramatically as paying down -- or paying off -- revolving accounts such as credit cards.
Lenders like to see a big gap between the amount of credit you're using and your available credit limits. Getting your balances below 30% of the credit limit on each card can really help.

2) Use your cards lightly. Racking up big balances can hurt your scores, regardless of whether you pay your bills in full each month.

3) Check your limits. Your scores might be artificially depressed if your lender is showing a lower limit than you've actually got. Most credit-card issuers will quickly update this information if you ask.

4) Dust off an old card. The older your credit history, the better. Its better to use the oldest cards every few months to charge a small amount, paying it off in full when the statement arrives.

5) Get some goodwill. If you've been a good customer, a lender might agree to simply erase that one late payment from your credit history. You usually have to make the request in writing, and your chances for a "goodwill adjustment" improve the better your record with the company

6) Dispute old negatives. Say that fight with your phone company over an unfair bill a few years ago resulted in a collections account. The older and smaller a collection account, the more likely the collection agency won't bother to verify it when the credit bureau investigates your dispute.