Need a fresh start on your credit?
Maybe you’ve missed a few payments? Perhaps there is a bankruptcy or a repossession in your background? Maybe you lost your job, got a divorce, or worse? Trust me, I understand all about the reasons that you might need a fresh start on your credit… when I first started working on my credit score, it was in the mid 400’s, and that is an extremely POOR credit score. At first, I thought it was hopeless… that I could never climb out of the credit pit that I’d gotten myself into, and I was tempted to just give up and accept the fact that my credit would be poor forever… Purchases would always have to be made in cash, that a new car would be forever beyond my reach, that I would never own a home… Sound familiar?
It doesn’t have to be that way! You can get a fresh start on your credit! With just a little work and by choosing the right credit options, you can improve even the worst credit score in a relatively short period of time.
How do you get a fresh start on your credit?
Basically, the fastest and easiest way to get that fresh start on your credit is to work on those areas where your credit score has taken the worst hits. Not sure of where that is? First and foremost, you need to know your credit score AND you need to have a detailed credit report in hand so that you can review it indepth and determine those areas where you can improve, those areas where there is inaccurate or missing information, and those areas where you aren’t able to do much more than just wait for them to drop off your credit report (typically seven years).
Now, there are dozens of places popping up online these days that will allow you to study your credit report for free, but you’ll want to make sure that you choose a reputable site to use, one that not only gives you your credit score and report, but also offers credit monitoring, protection, etc. Although you don’t necessarily have to use it at first, at some point, I highly recommend signing up for credit monitoring AND actually using it! There is a small monthly fee with most of these places, but in the long run, that monthly fee is miniscule compared to the improvements that you can make simply by being able to see all of your credit information in one place ANY TIME you want to see it. (Most of the free places only allow you to see just a little information on a monthly or even quarterly basis – if you’re serious about improving your credit, that is not nearly often enough!)
I prefer Credit Sesame because they offer exactly the kind of information (for all three credit bureaus) that I need when I need it – and there are lots of other benefits to using their paid services. Trust me, you will want to check all three credit bureaus regularly because your score will be different at each, and when you correct something at one credit bureau, you will have to correct it at all three because they don’t share information!
Once you’ve had the chance to review the information on your credit report, then you can begin to improve it, first by reporting any inaccuracies (disputing is easy – you just submit it online!), and then by working on two other key items:
- Available Credit
- Payment History
These two components of your credit score are the two easiest areas to improve upon, and they’re also two of the most important factors in your credit score calculation, so let’s look at what you can do to improve them!
Get a fresh start on your available credit and your payment history!
One of the fastest, best ways to get a fresh start on your available credit is to pick the right credit source, apply for your card, and then keep the balance open on the card. But what if you can’t qualify for any credit card? And will a simple $300.00 credit balance be enough to really improve your score? That actually depends – if you’re just starting out and you have no credit, then having an open $300.00 credit line will certainly help your score. But, if you’re trying to rebuild a poor credit score, there is an easier way.
It’s long been said that “store” or “catalog” credit cards are the easiest credit cards to get, especially if you have bad credit – but is there one of those credit “cards” that is better than the other? The short answer is yes – not only has this been my personal experience, but that of millions of other Americans, as well. So, what’s our recommendation for the best store/catalog credit card available?
Fingerhut is the best store/catalog account when it comes to getting a fresh start on your credit!
That’s right, we highly recommend Fingerhut.com. Why do we recommend Fingerhut? Well, lets start with the features Fingerhut say that you can expect when you open a Fingerhut account:
Find out instantly if you’re pre-approved with Fingerhut Credit.
- Build your Credit with Fingerhut!
- Shop Great Brands.
- With a WebBank/FingerHut Credit Account, buy favorite brands with low payments.*
- Apply for Fingerhut Credit today. Fill out our easy online application.
Now, here are the benefits that Fingerhut doesn’t advertise:
- Fingerhut regularly reports the status of your account to at least one of the three major credit bureaus. This status includes not only the balance due on your account and if your payments are made in a timely manner, but they also report your available credit, and that’s what we’re trying to improve.
- Fingerhut regularly reviews your account to see if you are making your payments in a timely manner, how much you’ve paid, etc., and if your account is in good standing, they may offer you a credit line increase of a couple hundred to even several hundred dollars! That’s right, it’s been my experience that Fingerhut will significantly raise your credit limit the more that you use the account to purchase items and as long as you make regular, timely payments. And that significant credit limit can also significantly improve your credit score!
- Fingerhut offers an interest rate on purchases that is often equal to, or even lower than, other store/catalog sites and even many credit cards. Especially if your credit is less than perfect, you are likely paying as much as 33% and even as high as 39% interest on some credit cards – a typical Fingerhut account will be in the mid to slightly up 20’s when it comes to your interest rate.
- Fingerhut does not charge a monthly or even an annual fee simply for having an account through WebBank. Compare this with other store/catalog sites and most credit cards and you’ll see just what a benefit this is!
- Fingerhut offers brand name merchandise at reasonably competitive prices. Yes, you may sometimes pay a little more than you would at your local big box or discount department store, but you will also find that you will oftentimes pay less than at other catalog/store sites, and even at some of your local retailers. Ordering is fast, easy, and your order is shipped promptly… right to your door!
- Check out Fingerhut.com now to see how fantastic their site really is!
Still think you can’t get a fresh start on your credit?
It’s far easier to get a fresh start on your credit once you actually get started. My low credit score kept me from so many things… but once I really started studying my credit report, once I removed the inaccuracies, and once I made a real effort to improve my score, it didn’t take near as much time as I thought it would… and improving my score not only helped me to purchase a new car at a low interest rate, but two years ago, I bought my first house!
What are you waiting for? Get started today!