Money Matters

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Today on money matters, so the recession has your credit in shambles. Maybe you lost your job or had to file for bankruptcy.
Don't dispair. Here are five ways you can repair your credit from Kelli Grand of Smart Money.Com.

First. Apply for a secured credit card. That's where you make a deposit - say two hundred to five hundred dollars. That serves as the credit limit for the next 12 to 18 months. As long as you pay on time and keep your balance in check, you can then get a regular unsecured credit card.
Fees and interest rates for a secured card can be quite high -- so shop around. Check Cardratings .com or Credit.com for a list of cards.

Second. Take out an installment loan. If you have plenty of collateral or a co-signer you can get a small, short term loan. And it will show up on your credit report.

Third. Piggyback. Ask a family member or close friend to add you as an authorized user on their credit card, ideally one with a long history of low balances and on time payments. Just make sure you and the primary card holder trust each other.

Fourth. Sign up for retailer credit cards. Retailers traditionally carry less strict standards when it comes to approving applicants for store charge cards. Just don't get too many cards or that will actually hurt your credit score. And make sure to pay the full balance each month.

Fifth. Keep any current accounts healthy. Pay bills on time, even if you have to make the minimum payment. and keep balances low.

Follow these steps and you're on your way to a better credit score.


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