Q&A: how to fix credit when you cant get a loan?

June 8, 2011 5:00 am Published by

Question by doug w: how to fix credit when you cant get a loan?

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Best answer:

Answer by Reena
If your credit needs “fixing” then pull a copy of your credit report at www.annualcreditreport.com and start fixing.

I.e. pay off your outstanding accounts, etc.

If that is not the case then go to your bank and ask them to give you a secured credit card that reports to the credit bureaus. Usually they will ask for collateral in the form of around $ 500. After you give them this money to hold they let you have a credit card with a $ 500 credit limit.
This card is real… (not loaded with your money). You show them for the next 8 months to a year that you can handle credit wisely by only charging small amounts that you pay off immediately and they will grant you a real credit card and give you back your $ 500 collateral.

That is how you establish credit again.

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