I remember a few years back when I had a poor credit score, and more issues on my report than I care to remember. I had no idea on how to build credit. Here I was with a credit score in the low 500’s and nobody would approve me for anything, without ripping my head off with high interest rates. Thankfully though I had a background working with credit, and that made me start taking a deeper look into how to build credit. I would like to share with you my story and how my credit has rebounded.

First it’s likely good for you to know where I started at. In 2003 I opened a firm and ended up not doing to well with it for some time. It was my first foray into being self-employed and this brought about some real havoc on me financially. I couldn’t afford to put gas in my vehicle at certain times, much less the money to pay for my obligations in a timely fashion. I ended up getting things together, but by this time the damage was done. I had a couple of credit cards that ended up being charged off and the bill collectors were coming after me.

In December of 2007 I had an automobile that started breaking down on me. I was twenty-eight years of age and I had to ask my dad to cosign on a loan with me so I wouldn’t need to pay a loan rate at around 18%. By having him cosign for me I was able to get a loan rate at 4% and I continue to have that auto to this day. I’ve saved thousands of dollars in charges because of this. This, BTW, was the first credit I had since the problems I had in 2003.

With having this vehicle loan now reporting on time payments, eventually I was able to get accepted for a Visa card in May 2008, but the limit on the card was only $400. While that was great and all, with my past credit score it still took a considerable time for any other company to approve me for anything. An alternative choice for me at this time also would have been to get a secured credit card to pair with the other credit I was building.

Come to discover, the limits on credit card accounts have a ton to do with our capabilities to get more credit. The higher your credit limits, the better it is for your credit. Think about it, if you’re applying for another Visa card and have had some problems during the past financially, then it’s tough for any company to get a good read on whether you’d be a good credit risk. This holds particularly true if you are available revolving credit is only $400.

This is when I started learning about credit repair. I had a choice to make. I could either wait for seven years minimum for this info to fall off my credit history, or I could kickstart things and learn the way to do the credit repair. I selected to kickstart things, and I’m so happy I did. To make a long story short, I’ve been able to get pretty much everything removed except two things, one being an open charge off account which has had some ridiculous costs added to it. I could even bring a lawsuit against this company because they are clearly violating my rights because they haven’t been able to come up with a full accounting of how they got their figures. This account is booked to fall off in a few months so I haven’t worried.

Needless to say I’ve had a pretty important improvement in my scores with all 3 of the bureaus. I’ve now qualified for 2 more unsecured credit cards and may continue to see major enhancements in my scores over the next year. Now knowing exactly how credit works, I also got a $5,000 credit line that reports to the bureaus. Now this isn’t a traditional account, and I can’t utilize it for much of anything apart from to buy ebooks online from their site, but it’s’s awonderful account to have that has helped my credit score rather a lot, and opened up the door to afford me the chance to get the unsecured credit cards.

Had I not known how to build credit, or learned credit repair then I’d be far away from where I am at this time. This has got me thinking, because I am really no different than anybody else which has had problems financially during the past. The only difference is that I learned how to build credit and I would like to be well placed to share my experience and information with any person that is ready to learn. These strategies work 100% of the time if implemented correctly, but this is all done with the long -term under consideration. If you have a long-term vision you can also have these types of results.