Improve your Credit Score Raise credit score Restore your credit

If you want to establish credit at a fast pace, follow these instructions.

• Open a savings account and deposit money on a regular basis.
• Open an interest-bearing checking account. Have no overdrafts.
• Pay your rent and utility bills on time.
• Deposit at least $1000 into your savings account. Wait a few days for the account to be posted, return to the bank and ask for a $1000 loan, offering the money in your savings account as collateral. Since your money is excellent collateral, the bank will loan you the money without making a credit check.
• Go to another bank and open a savings account by depositing the $1,000 you just borrowed from the first bank. Return to the second bank a week later and ask for a loan using your savings account money as collateral. Repeat this process with a third bank. Wait a few days, then open a checking account at a fourth bank. Begin making payments on each of the four loans. A week later, make more payments on your four loans until you have almost paid off all your balances.
• Any credit investigation will now show you with four active bank loans, a checking account and a paying history for all the loans. Once you have established a good credit rating, you may apply for loans, credit cards and other forms of credit.

If you have bad credit, no credit or low income you can get a secured credit card.

This way you can establish a good credit rating. When you apply you will have to send a deposit in the amount of $300 to $500 dollars. This amount will be put on your card as you make purchases and make payments it will be reported to your credit report. To help raise your FICA score always keep a small balance on your credit cards and make timely payments on them. For instance if your balance due is $300 dollars, pay $250 and then just send in the small payment each month on the remaining balance of $50.

Once your FICA score is 650 or higher you can borrow money from peer to peer lending sites like http://www.prosper.com/ Here you can borrow up to $25,000 dollars to help pay off debt and to start a business. Make your payments on time and you will be able to start lending money to others one day.