Using Credit Cards For Credit Repair

 Where Are Your Credit Cards? Credit cards can do more to speed up your credit repair effort than anything else. In fact, they are the perfect credit repair tool. If you are launching an attempt to improve your credit scores without credit cards you are doing yourself a great disservice. So, if you do not have credit cards now is the time to get them. It is never too late, and given the availability of secured cards, you cannot make the excuse that you will not get approved. Secured Cards Secured cards are easy to get and you will not get denied. A secured credit card is a regular mainstream credit card that will report to the credit bureaus and contribute to your credit score. It just happens to be collateralized by a small savings deposit that you will make with the card issuer. If you are starting from scratch and have no credit cards at all you should get two secured cards to get your credit repair project into high gear. Other Forms of Credit Not all forms of credit will contribute to your credit repair project to the same extent. In fact some forms of credit are downright useless. The credit scores used by most lenders are called FICO scores. The FICO scoring model is very particular about the type of credit that you have. Mainstream credit cards like MasterCard and Visa are excellent, while many forms of consumer debt can be a credit score liability. The forms of consumer debt that you should avoid include store cards and financing offered by furniture and electronics stores. Using Your Cards Right Once you have your credit cards you must manage them properly. Your credit cards can move your credit scores by over one hundred points, both up and down, so be very aware of the way you manage this powerful plastic. For the best credit repair results you should only use 20 percent of the available limit on the card. If you max out an account you stand to be penalized by as much as 100 points. On the other hand, you can go ahead and use your credit cards as you wish; max them out if you want, as long as you do not have an immediate need for your scores to be at their best. If you need any kind of information on this article related topic click here: Vclub shop