Credit scores can come back to haunt you in many aspects of your life so why not start fixing it now?! First thing is to pull your credit report and see what is "exactly on it".   It usually costs about 20 bucks a month to have your credit pulled and can be canceled at any time and it is well worth it because fixing your credit could make or break your loan deal! Once you have your credit report you can begin to start fixing it!

Look at all the negative items individually.... 

If they are wrong or a very small amount dispute them.  (often times on small amounts if you dispute them they can be removed,  When disputed the credit bureau sends notice to these companies and if the amount is to small..often times they wont bother with the man power or time to send the info back to the bureau saying you still owe) and they will be removed 

If they are larger, and are a debt that you are responsible for call and negotiate.  Always start low offering 50% of balance owed and negotiate with them.  Almost all companies will negotiate to a lower amount then the dollar amount owed.  If you need to set up a small payment plan you can afford to get these paid off. (If you pay in full they will negotiate a much lower settlement) 

ALWAYS use the Double D strategy!  Dispute and document, keep all papers and document everything your do and always follow up.  When disputing you can use the dispute form attached with your credit report or write a letter explaining why its disputed. Always be clear and send a copy of your report with the disputed item highlighted.  This is to ensure they know what you are disputing and will not discard without taking action for you. 

After you are set up on payment plans and/or have everything removed it is now time to add stability to your credit file.  Apply for a secured card or a card that has a fee to get.  These are not the best deals but an easy way to start rebuilding. They charge you to have them but they report to your credit just like a regular card.  Try Credit One or First Premier Bank. 

Remember that when building credit the goal is not to use the card and pay it off each month. You need to show stability and the ability to carry a balance and pay on time.  Leave a balance of 5 dollars on the card if you want but don't keep paying it off, to build credit you need to show you can carry a balance responsibly and make payments monthly.

After 6-12 months with this card and on-time payments try getting a real card, a good option would be Capital One. Keep up the on time payments and remember to check your report on a regular basis. If you follow these steps your score will continue to go up and open doors for other credit products.

Ryan McLemore Headshot
Phone: 972-804-3474
Dated: August 14th 2015
Views: 390
About Ryan: Ryan's career started in 2002 with Citigroup’s marketing division where he offered full service fi...

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