What S Worse Is When A Credit Account Isn T Reported At All

Category: Finance, Credit.

There s more to credit repair than just getting rid of the negative information. Try to Get Positive Accounts Reported: You know that the credit bureaus typically don t share information, but it can be frustrating if one of your good, paid- on- time accounts doesn t show up on all of your credit reports.

You need to ensure that any positive information that can be included in your file actually is. What s worse is when a credit account isn t reported at all. Although you can t force a creditor to report an account to a bureau or report more frequently, you can always ask. Some creditors simply don t bother to use credit bureau services, and others deliberately hide the histories of their best customers for fear that their competitors will swoop in. Sometimes it s all but impossible to get your on- time payments recorded. Not all credit issuers do this import, so it, though s important to call first and ask. Most landlords, and phone companies, utility companies will only report you to the credit bureaus if you screw up. (So be sure you don t screw up. ) Borrow Someone Else s History: Being added to someone else s credit card account as an authorized user can instantly improve your credit report if that person s credit is in good shape. (The opposite can also happen, so make sure you pick the right person. ) A cooperative credit issuer imports the card user s account history into your report so that you can benefit from the other person s good financial habits.

There s another plus to being an authorized, rather than a joint, user: You re not liable for any debt the original account holder runs up. Although it s anyone s guess how many cards are optimal, it s a safe bet that you ll eventually need more than one- but less than a dozen. Get Some Credit or Charge Cards If You Don t Have Any: You need to actively use some plastic to rebuild your score. If you still have accounts you can use, that s great. Apply for a Secured Card: Secured cards give you a credit limit that s generally equal to the deposit that you make. If your accounts have been closed, you ll need to start from scratch. You want a card that reports to all three credit bureaus, that doesn t charge an application fee or outrageous annual fees, and that converts to a regular, unsecured card after 12 months or so of on- time payments.

These cards tend to be the easiest unsecured plastic you can obtain. Get department store and gas cards. After you ve had your secured card for a few months, apply for one of these- and perhaps a second one about six months later. Don t rush this process, because applying for too much credit in too short a time period can hurt your score.

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