Credit Repair Tip 14

Applying for multiple credit cards at one time is not the way to build credit. In doing this, you rack up multiple hard inquiries on your credit report, which sends red flags to all potential lenders. As a result, you are denied and those inquires stay on your credit report for two years. Whether you are trying to build or rebuild credit, you must employ a strong credit building strategy and ALWAYS pay your bills on time. This will show lenders that you are credit worthy.

How long does it take to rebuild credit?

You can be on your way to building positive credit as soon as possible if you have a sound strategy in place.  Below are strategies and credit products to establish positive credit and remove negative credit:

• Dispute and have the credit bureaus remove inaccurate negative credit files.
• Secured credit cards, make sure you chose the right cards to do this!  You want to avoid banks that hard check your credit, charge activation fees and crush you with expensive annual fees.
• Credit builder loans that do not hard check your credit.
• Retail store cards.
• Secured bank loans that do not hard check your credit.
• Merchandise cards.
• Cosigner credit cards and loans.
• Authorized user credit cards.