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Developing a positive credit history when you have poor credit is not easy. Below are seven useful tips for rebuilding credit quickly and hassle free! If you are looking to learn what you can do to change your spending habits, take the money challenge!

1 - Always pay your bills on time. Any payment that is 30 days late or longer will have a negative impact on your credit score.

2 - Don't carry as many credit cards around with you. This will help resist the temptation to charge unnecessary purchases. Also, close any credit card accounts that you do not use and make sure that the credit card company reports the closings of your accounts to all three credit reporting agencies.

3 - Try to avoid collections and declaring bankruptcy. You also want to avoid tax liens. A tax lien occurs when you do not pay your state or federal income taxes. A bankruptcy will stay listed on your credit report for as long as 10 years. An account that goes into collections will stay on your report for seven years. Tax liens remain present for seven years as well. Unpaid tax liens will stay on your credit report forever.

4 - Lower your available credit limits for your credit cards. Believe it or not, lenders will view high credit limits negatively, even if you owe nothing!

5 - Apply for a small unsecured loan with bad credit or apply for a bad credit credit card. We suggest checking out the Orchard Bank credit card. This is the premier credit card for people with poor credit.

** Make sure that you make all of your payments in full, and on time every month!

6 - Apply for a secured credit card to rebuild credit. A secured credit card means that you will have to keep enough money in your account to cover your charges. Meaning, you will not be able to charge what you do not have. Learn more about smart credit card use.

7 - Get a copy of your credit report regularly to make sure that you catch any errors or outdated information quickly!

**Consumer Alert - FICO has recently decided to eliminate authorized user accounts from the credit scoring model. This will have a major impact on those looking to establish credit.

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