Apply for a secured credit card.
One of the most difficult challenges a person may face in trying to
build a good credit score is the chicken-and-egg type of dilemma it
presents: you need to have various sources of credit in order to
prove yourself, but in order to be approved for those forms of credit
you typically already need to have a decent credit history (and how
can you establish a good credit history without any source of
credit?) One way to circumvent this is to apply for a secured credit
card. These are specifically aimed at people who have bad or no
credit. The way a secured credit works is that you pay a deposit, and
that deposit becomes your credit limit on the card. After a set
amount of time (agreed upon in your terms and conditions) that
deposit will be returned, and you will have contributed to your
credit score over that period.
Add the “other” type of
credit: loans. The best way to demonstrate your
responsibility with credit is to show that you can manage both kinds:
“revolving” (credit cards) and installment” (loans). Sources of
the installment type of credit include student loans, mortgages, and
car payments, as well as a line of credit.
Remember that slow and steady
wins the race. You may be tempted to rack up huge bills on
your new credit in order to show that you're putting it to good use,
but that might not be wise. Treading lightly is generally a better
game plan. Here's why: your credit providers actually want to see
that you don't exhaust the credit available to you. If you can keep
your purchases limited to 30% of your credit limit, that would be a
good way of demonstrating that. Lowering that even further to 10%
would be excellent, if you're really ambitious.
The most important thing to remember is
that even when things seem daunting, and finances have temporarily
taken a turn for the worse, where you end up is still within your
control. You don't have to accept the label of someone with bad
credit; it is within your grasp to change it.
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