Tips on Repairing Your Credit:

Now that the holidays are over you, like many people, may find yourself struggling to pay off debt or trying to keep up with a car payment or rent. By summer you may want to apply for a loan or credit card but will be turned down because banks consider you too high a risk. Despite that, there are other banks out there that will take advantage of you. These lenders will lend you money, but do so by jacking up the lending rate as much as 22%! They do this knowing you are desperate for financial relief, and they may rightly assume you don't understand the game of percentages and lending rates. They fully intend to snag and lock you in at these high rates. To your own financial demise you will end up paying off their high percentage "loan"- eventually. What do they do with all the money they make? They take it and re-invest it, and make even more money off you. Lenders prey on those who can least afford a high interest rate, while those who don't need credit can routinely purchase it for as little as 5.9%.

Here are my 4 simple, but mindful, suggestions. The fourth tip comes via Oprah Winfrey.

1. Be organized and smart with your money.
2. Don't let people take your hard earned money out of your hands.
3. When trying to crawl out of debt, look back! Don't forget what got you in debt - do something smarter with your money. For starters, try keeping more of it!
4. Ask for a lower rate on an existing credit card. You can't cancel a card while still paying it off, but you can cut it up and not use it! Explain to the bank rep that there are too many competing interest rates out there; tell them nicely if you cannot get a lower interest rate, your spouse (or parent) is forcing you to cut up your card immediately, and while you really hate the thought of this, it's out of your hands and up to them (banks want to keep you). A rep will transfer you to someone who will try to convince you to stay on with them. By all means give them the chance! Staying with a lender/bank for a long time is GOOD for your credit, and paying it off will help you mend it.

"For me, doubt means don't. Don't move. Don't answer. Don't rush forward." - Oprah Winfrey, June 2003. Oprah is a wise woman and smart with her money. I think this statement from her book called, "What I Know for Sure" is a winner. If you ever doubt yourself, or need a pick-me-up, I recommend you read this book; although it is short, it is full of heartfelt and sound advice and will only take about one hour to read.

I won't re-write all the tips on mending bad credit, but if you want some advice on what do to work on just click on the link below.
http://www.practicalmoneyskills.com/English/at_home/columns/repair_110606.php