A good way to rebuild bad credit !!

This method is good if you are rebuilding or building credit for the first time.

First Save $1000 and then visit various banks with your credit report in hand asking them whether they do secure passbook loans based on your savings. If they agree, ask the loan officer if there is a prepayment penalty, what the interest rate is, and of course what credit bureaus they report to.
Many report to all three .

Apply for a 12-month passbook loan, then once secured, with the loan from the first bank, go to another bank and open a second passbook loan with a 12-month pay period. Then wait three weeks and go to a third bank and repeat the process with the loan from the second bank. Now, you have three loans at three different banks for a 12-month payment plan.

Now start making payments with the loan you received from the last bank. After six months of on time payments, check your credit report to make sure the loans are being reported correctly. Congratulations, you have just established superior credit with three bank installment loans.
Also you will have built a solid reputation with the three banks and might secure a $1,000 NON Secured loan ......

If you want to boost you credit rating even higher, use $200 and open a secured credit card . Make sure you make your payments on time .

I know it will be hard to do but try to take the remainder of the monies from the loans and put in a additional savings account and only use it when needed to pay back the loans and credit card and be sure to pay off the credit card in full each month .

As you can see, using the three secured loan method to build credit could be very effective to your building or rebuilding efforts. The key thing to remember in this technique is to always be on time with your monthly bills no matter what situation you are in at the present time. By doing this, you will be on your way to a good credit file. Now go out there and take your financial life back.

Please not this is is not my wording , this is copy and pasted from
ezinearticles.com/?A-Secured-Loan---Learn-How-to-Use-a-Secured-Loan-to-Build-and-Rebuild-Credit&id=5685453
I added a few lines and the idea of the secured credit card is mine ...
I am stating this because I do not want to take credit for what I did not write . Good luck with this and you will be on track to rebuilding your credit.
Lawss