Having No Credit
This is easy to revert. Go to a lender and take a small, unsecured loan, make sure you pay up every month and if possible pay one or two days before the due date. The smaller the amount you ask for, the better image you will give. This means you are not a dangerous borrower.
After a few months you will have an excellent scoring and will be elligible for greater amounts. However, you must maintain the same behaviour in the future, so as to get even more benefits on future loans, for being a good payer.
Well, Yes, You Have Bad Credit
So, you have bad credit and you have to get it repaired. Be careful not to fall in the hands of scammers who, for a fee, tell you that they will repair your credit, but it will take "some time". In the meantime, they disappear and you've had it.
Do It Yourself
It is very easy to repair your credit, although it takes some patient correspondence using preestablished texts that give the action a legal frame. There are some kits out there, but make sure they have the corresponding official approval, otherwise, you will be wasting time and effort.
When You Shop For A Loan
You can ask for free quotes without needing to give your personal information. But, when it comes down to applying for a loan, remember to go straight to the one you consider suitable and trustworthy. Applying for a loan from many different lenders will affect your credit rating in a negative way, giving the impression that you are desperate for cash.
When we say that bad credit does not stand in the way of any loan, we mean that bad credit is not forever. You can have it changed or change it yourself, long before the derogatory term, which is 7 years for most motives and 10 in the case of a bankruptcy. This is all the credit report agencies are allowed to keep your bad information.
Of Course, Bad Credit Is Not The Same As Good Credit
The only difference is the interest you pay and some considerations on security or the amount granted. In the end, lenders are in business to grant you loans and make a profit out of that.
It Even Helps The Lenders
If you repair your credit by correcting inaccurate information, it helps the lenders to be able to consider you eligible and so, have one more customer. Remember that under the Fair Credit Reporting Act, incorrect or outdated information CAN be changed and it is your responsibility to get it done.