Got Bad Credit

Roger was facing this same dilemma of not knowing what to do to fix his bad credit. He had been laid off from his job for nine months and had not been able to pay all of his bills. He recently found employment and was trying to get back on track with paying his bills. His credit had suffered substantially during the time he was unemployed. Unfortunately, Roger's credit situation is a problem that many people are currently facing due to the state of our economy.

Roger wanted to start working on fixing his bad credit but he was unsure how he should proceed. Well Roger, a good way for you to start is to take action by using some of the following tips:

Tip One:

Order copies of your credit reports from the three credit reporting bureaus: Equifax, Experian and TransUnion. You are entitled to a free copy of your credit reports from each of these bureaus every twelve months if you make a request. The centralized website to order your free annual credit report from each of the three credit bureaus is: annualcreditreport.com or you can call 1-877-322-8228.

You can also obtain free copies of your credit reports from the three credit bureaus if you have been denied credit, insurance or employment. Just keep in mind that you will need to make a request to the three credit bureaus within sixty days of receiving the notice you have been denied credit, employment or insurance.

Tip Two:

Consider paying off your higher interest rate credit accounts first by making larger payments to decrease and eliminate your balances quicker.

Tip Three:

If your debt is totally out of control, consider utilizing a non profit credit counseling organization to assist you with consolidating your debt. In many instances by using this type of service you may be able to reduce your finance charges and your monthly payments to your creditors.

Tip Four:

Consider not using the credit cards and other retail credit accounts you already have. You may want to put these credit cards away in a safe place and only consider using them in case of a dire emergency.

Tip Five:

Stay on track with paying your existing bills on time to assist you in rebuilding your credit.

Tip Six:

After repaying the majority of your outstanding debt you may want to consider applying for a new credit card to rebuild your credit history to a good standing. Make sure that when you use this new credit card you pay off the balance timely every month.

If you're unable to qualify for a regular unsecured credit card then consider applying for a secured credit card to assist you with rebuilding your credit.

Tip Seven:

Secure a copy of your three credit reports and FICO score on an annual basis so you can keep track of what's on your credit report. Remember you're working hard to rebuild your credit back to good standing and you don't want any surprises on your credit reports.

Roger is now armed with information to get him started with his quest to fix his bad credit by using these tips. He now feels that he will be able to accomplish the task of rebuilding his credit to good standing and getting back on track for his future goal of becoming a homeowner.