Re-establish Your Credit With Secured Credit Card
If you have bad credit, don't despair. You can re-establish your good credit record.
Before you do anything about your credit, get a copy of your credit report. To get your report, simply contact the credit bureau that keeps your report and request it. When you receive your credit report, review it carefully and not all the errors or negative items you find.
You have the right to dispute derogatory information in your report. To do this you should contact the credit bureau and explain why you think the information is not correct.
When you dispute an item with the credit bureau and the creditor does not respond within the alloted time, then the disputed item must be deleted from your credit report. If the disputed item is found to be incorrect or unable to be verified, it must be deleted from your report.
Once you have finished deleting negative entries, it's time to rebuild a good credit record.
Obtaining a secured credit card is an effective way to re-establish good credit history. A secured credit card is a bank credit card that requires you to deposit cash in that institution. That deposit serves as a collateral for the card.
The card issuer will usually grant you a credit limit equal to 100% of your security deposit. For instance, if you would like $1000 credit limit, deposit $1000 in the account. This way, if you default, they will use that money to cover the debt.
If you maintain a good payment history with your secured credit card, you'll find it easy to obtain unsecured credit cards and other lines of credit.
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