This neat plan should help you to reestablish credit in a few short months with the help of one of your former creditors.
Go to your friendly neighborhood banker or a previous loan company and tell them,
“I need your help to repair my credit. I want to borrow $200, but don’t bother to run a credit check, my credit is bad. That is why I want you to put the $200 into a savings account and put the money on hold. That way there is no risk since the bank has the money.”
If you had a good payment record with a certain loan company, they may be more willing to extend a small loan.
Tell the bank officer and loan company officer that by making monthly payments, you can reestablish your credit.
Emphasize how you need the bank or loan company’s help, and how you will eventually become a good customer.
The cost to you will be small, which is just the difference between the interest rate on the loan and interest the savings account will earn.
Once you have the loan, make two small payments within the first 30 days.
Then open a second account at another bank, using the same scrip of how you’re trying to repair your credit.
And, this time you can show the one good credit reference you now have at the first bank or loan company.
Then make two small payments at the second bank or loan company.
You now have two good credit references.
After 90 days, use the $200 on deposit in each bank to pay off the balance of the loans.
Then have the credit bureau check your bank loan accounts, which will show you made payments on time and the loans were paid off early.
Your credit will have been reestablished.