Get Control of Your Credit

If you’re refused credit by a lender, find out why. You have the legal right to know. Upon receiving a notice of credit denial, you must contact the lender in writing. The lender must tell you specifically why credit to you was denied. You can then decide if you should reapply with additional or corrected information or apply with another institution.

Pay off and/or close unused credit accounts. “Too much credit�?can hurt your chances of obtaining new credit. It can also be a huge temptation to use irresponsibly. If you don’t need it, contact the creditor and have them close the account.

Rebuild bad credit with secured credit cards or passbook loans. Make sure that the lender reports your account to the credit bureaus. If they do, secured credit cards and passbook-secured loans can be excellent ways to bolster poor credit.

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