How can I rebuild good credit after having bad credit?
It can be difficult to get credit when you have not used it or have previoulsy had difficulty paying bills on time. Look at your credit report to determine what actions may have affected your credit history negatively. Have you taken the appropriate actions to correct any errors on your credit report? If you are wondering how you can establish a good credit record or how to re-establish credit after experiencing problems, consider the following options: • Make a Large Down Payment: Lenders may be more supportive of your loan request if you make a substantial down payment for the item you wish to purchase. • Be Prepared to Pay A Higher Interest Rate: If you have little credit history, or a poor credit history, you may have to pay a higher interest rate. Lenders will charge the higher rate beause you their risk is greater. As time passes, you may request a review of your account to show that you have paid on time. The lender then may consider lowering the rate or improving the terms. • U
