Need to rebuild your credit? There are several ways to go about improving it. Some are obvious, some not as obvious. Here are two in particular that most people aren’t aware of:

  1. Go to a bank or credit union and get a prepaid credit card. This is where you give them $300 of your own money up front and they give you a credit card with a $300 limit. Spend $50 on this prepaid card and make the payment to the bank at the end of the month (basically back to yourself). This comes up as an additional good account on your credit report. This simple prepaid card could take a 570 credit score to 620 in a matter of months!
  2. Another way to build credit is to live within your means. Essentially, don’t buy what you can’t afford. Just because you’re approved for a loan doesn’t mean you should take the full amount. If anything were to happen to your finances, you don’t want to be on the hook for several debts.

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