Having poor credit might have a negative impact on your personal finances. However, it is not the end of the world. If you are hit with a credit issue due to job loss, bad economy or unforeseen circumstances, you still have an opportunity to raise your credit. Learn how to raise your credit in challenging circumstances with these four useful tips.
You can apply for a credit card at your bank or credit union. They might extend help owing to your long term relationship with them.
Include a statement in your credit report at the three major bureaus Experian, Equifax and TransUnion stating your negative items. Companies viewing your report might be flattered with your honesty especially in cases like medical emergencies and divorce.
You can apply for a secured credit card which will allow you to make a deposit that serves as your credit limit. Ensure that the card company reports regularly your transactions to the bureaus so that you can gradually build credit and get promoted to a regular unsecured card holder.
As a last option apply for a subprime credit card. These have very high interest rates and fees so you are bound to make the payment in full each month. A responsible card holder can mange wisely and boost the credit to be qualified for a less costly credit card.