I can remember several years ago when I had a poor credit score, and more issues on my report than I care to recall. I had no clue on how to build credit. Here I was with a credit report in the low 500′s and no-one would approve me for anything, without ripping my head off with high interest rates. Thankfully though I had a background working around credit, and that forced me to start to take a deeper look into how to build credit. I need to share with you my story and how my credit has rebounded.
First it’s very good for you to understand where I started at. In 2003 I opened a company , and ended up not doing to well with it for a bit. It was my first foray into being self employed and this caused some real havoc on me financially. I couldn’t afford to put gas in my automobile on occasion, much less the money to pay for my obligations in a timely fashion. I ended up getting things together, but by that time the damage was done. I had a couple of credit cards that ended up being charged off and the bill collectors were coming after me.
In December of 2007 I had a car that started breaking down on me. I was twenty-eight years old and I needed to ask my dad to cosign on a loan with me so I would not have to pay a rate of interest at around 18%. By having him cosign for me I was able to get a loan rate at 4% and I still have that vehicle to this day. I’ve saved thousands of dollars in fees because of this. This, by the way, was the 1st credit I had since the problems I had in 2003.
With having this car loan now reporting on time payments, eventually I was able to get approved for a Mastercard in May 2008, but the limit on the card was only $400. While that was great and all, with my past credit history it took a long while for any other company to approve me for anything. An alternative choice for me at this time also would’ve been to get a secured credit card to couple with the other credit I was building.
Come to discover, the limits on credit card accounts have a ton to do with our abilities to get more credit. The higher your credit limits, the better it is for your credit. Mull it over, if you are signing up for another credit card and have had some issues during the past financially, then it’s very difficult for any company to get a good read on whether you’d be a good credit risk. This holds particularly true if you’re available rotating credit is only $400.
This is when I began to learn about credit repair. I had a choice to make. I could either wait for 7 years minimum for this information to fall off my credit report, or I could kickstart things and learn how to do the credit repair. I chose to kickstart things, and I am so happy i did. To make a long story short, i have been able to get just about everything removed except two things, one being an open charge off account that has had some ridiculous fees added to it. I could even bring a court action against this company because they’re clearly violating my rights because they haven’t been able to come up with a full accounting of how they got their figures. This account is lined up to fall off in just a couple of months so I haven’t bothered.
Needless to say I have had a pretty substantial improvement in my scores with all 3 of the bureaus. I’ve now qualified for 2 more unsecured mastercards and will continue to see major enhancements in my scores over the next year. Now knowing exactly how credit works, I also got a $5,000 credit line that reports to the agencies. Now this is not a conventional account, and I can’t use it for much of anything apart from to purchase ebooks online from their website, but it is’s an awesome account to have that has helped my credit score quite a bit, and opened up the door to afford me the opportunity to get the unsecured credit cards.
Had I not known how to build credit, or learned credit repair then I’d be far away from where i am at this time. This has got me thinking, because I’m actually no different than anybody else that has had problems financially during the past. The big difference is that I learned how to build credit and I would like to be well placed to share my experience and information with anybody that is willing to learn. These methods work 100 percent of the time if implemented correctly, but this is all done with the long -term under consideration. If you’ve got a long-term vision you can also have these sorts of results.
I can remember several years ago when I had a poor credit score, and more issues on my report than I care to recall. I had no clue on how to build credit. Here I was with a credit report in the low 500′s and no-one would approve me for anything, without ripping my head off with high interest rates. Thankfully though I had a background working around credit, and that forced me to start to take a deeper look into how to build credit. I need to share with you my story and how my credit has rebounded.
First it’s very good for you to understand where I started at. In 2003 I opened a company , and ended up not doing to well with it for a bit. It was my first foray into being self employed and this caused some real havoc on me financially. I couldn’t afford to put gas in my automobile on occasion, much less the money to pay for my obligations in a timely fashion. I ended up getting things together, but by that time the damage was done. I had a couple of credit cards that ended up being charged off and the bill collectors were coming after me.
In December of 2007 I had a car that started breaking down on me. I was twenty-eight years old and I needed to ask my dad to cosign on a loan with me so I would not have to pay a rate of interest at around 18%. By having him cosign for me I was able to get a loan rate at 4% and I still have that vehicle to this day. I’ve saved thousands of dollars in fees because of this. This, by the way, was the 1st credit I had since the problems I had in 2003.
With having this car loan now reporting on time payments, eventually I was able to get approved for a Mastercard in May 2008, but the limit on the card was only $400. While that was great and all, with my past credit history it took a long while for any other company to approve me for anything. An alternative choice for me at this time also would’ve been to get a secured credit card to couple with the other credit I was building.
Come to discover, the limits on credit card accounts have a ton to do with our abilities to get more credit. The higher your credit limits, the better it is for your credit. Mull it over, if you are signing up for another credit card and have had some issues during the past financially, then it’s very difficult for any company to get a good read on whether you’d be a good credit risk. This holds particularly true if you’re available rotating credit is only $400.
This is when I began to learn about credit repair. I had a choice to make. I could either wait for 7 years minimum for this information to fall off my credit report, or I could kickstart things and learn how to do the credit repair. I chose to kickstart things, and I am so happy i did. To make a long story short, i have been able to get just about everything removed except two things, one being an open charge off account that has had some ridiculous fees added to it. I could even bring a court action against this company because they’re clearly violating my rights because they haven’t been able to come up with a full accounting of how they got their figures. This account is lined up to fall off in just a couple of months so I haven’t bothered.
Needless to say I have had a pretty substantial improvement in my scores with all 3 of the bureaus. I’ve now qualified for 2 more unsecured mastercards and will continue to see major enhancements in my scores over the next year. Now knowing exactly how credit works, I also got a $5,000 credit line that reports to the agencies. Now this is not a conventional account, and I can’t use it for much of anything apart from to purchase ebooks online from their website, but it is’s an awesome account to have that has helped my credit score quite a bit, and opened up the door to afford me the opportunity to get the unsecured credit cards.
Had I not known how to build credit, or learned credit repair then I’d be far away from where i am at this time. This has got me thinking, because I’m actually no different than anybody else that has had problems financially during the past. The big difference is that I learned how to build credit and I would like to be well placed to share my experience and information with anybody that is willing to learn. These methods work 100 percent of the time if implemented correctly, but this is all done with the long -term under consideration. If you’ve got a long-term vision you can also have these sorts of results.
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