Do you have bad or no credit? Here are some quick and easy ideas and products on how to build up your credit score.
1. Get a secured credit card
If you cannot obtain a traditional credit card, secured credit cards are a good first step. They do take a some cash outlay for the deposit, but they will build your credit (or re-establish poor credit) if you make the monthly payments. Using a secured credit card can also lead to building credit good enough to obtain a regular credit card.
A good option for a secured credit card is from a major bank in your local area. Follow this link to see the details on obtaining a BankOfAmerica secured credit card: BankOfAmerica Secured Credit Card.
Do you have current debt that is unpaid? Instead of ignoring it, you are going to need to get on the phone with your creditors and at least try to work some of the debt down. There are services that provide this service. They can negotiate your debts down and also your payments. .
3. Build Your Credit While Paying Your Current Rent
There is a new service that will build your credit when you pay your current rent. Your landlord does not have to be a current member of the program, but you can set it up. Once you are in the system, Experian has a Rent Bureau, which will use this data in their calculation of your credit score. The service is not free, but it is reasonably low cost and if you are looking to build your credit this is a decent option.