Reestablishing Your Creditworthiness
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Bad credit can happen to good people. Don't despair if it has happened to you. There are ways you can get your creditworthiness in shape over time. But you have to start working on it today -- and keep working hard to show potential lenders that you're serious about getting your ability to take on credit in order. As you do so, your creditworthiness should improve and that could result in better credit offers and a savings in money. There are no quick fixes to improve your creditworthiness because accurate and timely credit information generally cannot be removed from your credit report. By improving creditworthy behavior going forward and over time you may be able reestablish your creditworthiness and credit capacity.
There are a number of things that you can do that may help. Here is how to get started:Open new accounts and pay them off.
Being able to repay a variety of new accounts is a key step in rebuilding your creditworthiness. That means that devising a strategy to open and pay off as many different kinds of accounts as you can is better than adding more debt to an existing credit card.Start small.
Check Your Progress
By reading this, you have taken the first step toward reestablishing your credit. Now it's time to take the next steps. Do you know exactly where your credit payment history stands? Find out by purchasing your Equifax Credit Report™ to see what's in your Equifax credit report so you can monitor your credit file.
Be Patient - the Payoff Is Worth It
It takes some time for your new creditworthiness to gain momentum. You are demonstrating that you are not depending on certain credit cards and loans for your financial survival. That's why opening and paying down accounts may make it a little easier to get more credit. With patience and timely repayments, you'll likely be able to reestablish your creditworthiness so that lenders will look favorably when making decisions about your ability to handle even more credit.