Add Stability to your Credit
You can also work to add positive information to your credit file. You may have been denied credit because of an insufficient credit file, even though you do have credit. That’s because some creditors (local banks, credit unions, and travel, entertainment and gasoline card companies) may not report your credit history to the bureaus. Try asking the credit grantors to report your account information and monthly payment history to a credit-reporting agency. In the future, before opening a new account, ask if your on-time payments will be reported monthly to a credit-reporting agency.
If you have really bad credit or even filed for bankruptcy, don’t let your credit status go dormant. “The faster you begin to re-establish good credit by paying regularly on time, the faster you’ll improve your credit score. A secured credit card offers those with no credit and those repairing their credit an opportunity to build a solid credit history. Shop around for the best deal available, but limit your applications. Credit bureaus look at how many new accounts you’ve opened, as well as the number of “inquiries” for new accounts. A sudden flurry of inquiries results in a lower score, because many consumers anticipating money problems increase their credit lines.
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