Do you find yourself cringing whenever the phone rings, thinking that it might be another bill collector so you let all your calls go straight to voicemail? You’re not alone. The reality is that in the current economy there are more people with bad credit than good. It’s nothing to be ashamed of. People lose jobs, can’t pay their bills and credit goes to hell in a hand-basket… or maybe you just didn’t pay. I really don’t care. I’m not here to judge. I’ve been down that road before. Hell, I’m still on it, but it hasn’t stopped me from getting new credit.
The reason is that new “good” credit outweighs old “bad” credit. This means that the older your derogatory credit is, the less it affects your credit score. I’ve made plenty of mistakes in the past but the credit system is very forgiving as long as you make all future payments on time. Credit Bureaus know that peoples situations change over time, that’s why they put more emphasis on how you handle your credit today…in the here and now.
Despite having a history of bad credit, there are still a few places that will approve you. Trust me, if I was able to open 4 new accounts with my past credit history, ANYONE can!!! You just need to know where to go. I will be reviewing each of these second chance creditors in the upcoming months but until then, if you’re ready to start rebuilding your credit right away, send me a “private” message with your request and I will respond with a company that boasts a 90% credit approval rate for people in need of a second chance.
As a general rule, anyone with a current credit score in the 500 – 600 range (Poor) can expect an increase of about 120 points after just 12 months of consistent on-time payments regardless of your credit history.
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