What is the best way to establish credit or eliminate bad credit?
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budget
go to a bank and get a small loan and pay it on time..you may need a co-signer but that is the easiest way
The only way to elimate bad credit is to wait the 5-7 years it takes to go off your credit report. But remember to always pay your bills on time. To establish credit you usually have to have a loan and show that you made payments on time for a specific period.
Go to the bank if you have an account, and take out a loan.
Dont spend any of the money, and at the end of your 30 day period, pay them back with the money you have, since you didnt spend any of it.
There will be a charge depending on how much money you took out, but that is the sure fire way to build credit, and you wont have a chance to mess up.
The charges are not bad if you are trying to establish credit because you are not going to be borrowing enough money at the begining.
The next month they will also let you borrow more money.