We hope you are enjoying our segment on re-establishing your credit. Our segment will continue with: Certificate of Deposits, vehicles, misc. options, and credit reports.
Another option for rebuilding your credit is to open Certificate of Deposit (CD). Go to your bank or credit union (credit unions may have more flexibility) and tell them you’d like to obtain a personal loan which you will use to open a CD. The collateral for the loan is the CD. Once again you want to start small so you’ll be approved. We recommend the minimum amount required for a CD, which is typically $1,000. Then send in an extra amount ($200-500) once you receive your first statement. This will also reduce your debt-to-credit limit ratio.