Difficulty re-establishing credit
Hi Terry – I have a family member who is having difficulty re-establishing credit. Applications are rejected despite the fact that she does not now owe any creditors. This is very frustrating as she has since been in a position to manage credit effectively but is not able to get past the application process.
I hope you may have a suggestion. Thank you very much.
Terry Says
This person should apply for a “secured” card — a card that is backed by a deposit in the card-issuing bank. That deposit becomes your line of credit. Then use it regularly, pay ON TIME and IN FULL, and that record of payments will be reported to the credit bureaus.
Read more (and find a secured card) here: https://www.bankrate.com/credit-cards/building-credit/secured-vs-unsecured-credit-cards/
