If you use the card sensibly... by paying off any purchases quickly, and don't need to increase your limit (unless the card-issuers offers it) - using credit cards properly is a great way to boost your credit score. If you use it responsibly - it shows potential creditors that you are a trust-worthy prospect.

It's difficult but not impossible to get a loan with a low credit score. You may still get a loan at a higher rate of interest as the financial institution may find your profile risky due to past defaults.

However, before applying for a loan always check your current credit score as it's the first step to check if your loan will get approved or not. The minimum required credit score is 750. If you have 750 and above the chances of getting a loan are higher.

In case, if your score is below that then you need to improvise it and then apply for a loan. You can always reverse your bad credit score into good score by concentrating on certain parameters which had defaulted earlier such as:

Payment history: 35%

Amounts owed: 30%

Length of credit history: 15%

How many types of credit in use: 10%

Account inquiries/New credit: 10%

Your credit score only affects when you start defaulting on your payments. And ones your score is affected the chances of you getting unsecured loan minimises. In this case, you can start rebuilding a new credit history by applying for secured loan or credit cards. Secured loans has a positive impact on your score and also helps you to increase the score. Once you rebuild a credit history you can then think of applying for a small loan amount.

Paying your bills on time, repaying loans promptly

First, credit scores don't go down to zero.

The only way to improve credit score is to obtain credit, use it wisely, pay it on schedule.

Some companies have the ability to directly communicate with the credit rating company and can effect changes. However, like you, I would be leery. Only you know the financial situation you are in, but if your credit rating is low, it indicates late pay, judgements and other issues that you should take care of, not get in deeper. If you have cleared all of the issues and it is less than two years since doing so, your effective rating may be higher. Just remember, you will be paying for whatever he is selling you, so make sure it is within your means and that you have a solid job. Maybe a used car, a house payment less than 1/2 of your pay would make sense at this time so that you can build your credit.

The simple answer is - spend and pay ! Most credit card companies will issue a card to a 'first-time user' without problems. Once you get the card - use it regularly, but pay off the balance as quickly as you can. Don't 'max it out' so you need to ask for more credit. That will start to build your credit history, and make more facilities available to you - such as cash advances, increased limits etc.

The only way to improve your credit score is to use credit and consistently pay the amount due. But this is not quick, it takes time.

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The first thing to do is to pull a copy of your credit report. The credit report is the best tool for finding information on where to concentrate your credit rebuilding efforts.

Do you have credit card accounts reporting? If not you need two or three to ad the most points to your credit scores. You need to be added to a family members active and positive reporting credit card as an Authorized User. The older the account, the higher the limit, and the lower the usage on the account, the better.

A merchant card can be added that give a high credit limit with a score as low as 500 points.

Are the balances reporting on a number of cards approaching the maximum limit?

If so paying down these cards can build your credit scores. 5 or 6 maxed out credit cards can lower your scores 100 to 125 points.

Of course one of your best friend is TIME. You must keep all tradelines paid as agreed. A recent late will do much more damage than three missed payments 3 years ago.

As you review your credit report, are their accounts you don't recognize? You will need to dispute them with the bureaus or hire a company to do it for you.

Keeping current with bills, adding positive accounts and removing negative, inaccurate accounts or accounts belonging to some one else will re-build you credit.

There are some collection companies that will agree to what is termed as a pay for deletion. You pay in full or make a settlement and they will delete the account from reporting at the credit bureaus. Most collection companies won't.

To get the account deleted from the credit bureaus you need to use the consumer credit laws to get the results you want. Simply the law states (FCRA - Fair Credit Reporting Act) that nothing can stay on your credit report if it is inaccurate, incomplete, obsolete, or can not be verified. This gives you the power to challenge how the account is reporting. Unfortunately, not many people do this well.

In addition, your power increases if a collection agency violates the FDCPA - the Fair Debt Collection Practices Act. You may be able to use that as a wedge.

If you are unsure how to do all this you might want to leave it to the experts at a credit repair company. Do your homework first. What training have they had, do they do this full time, are they recognized in their industry. A good starting point is NACSO - the credit repair industry's trade association.

Inquiries can't be removed from a credit report at your request, which means you must wait at least two years for them to be automatically removed.

There are a few things that you can fix quickly, and a few things that only time can heal.

Firstly, get any credit lines paid down. Even if you pay on time every month, if you stay close to your credit limit, it hurts your score. Even using up to 80% of your credit limit can be damaging.

Pay off any outstanding bills. Take care of anything hanging out on your credit report.

After everything is paid off, you can request that it is removed from your report. Companies do not have to remove things, but some of them will cut you a break if you took care of your debt. It's not one you can count on, but it is worth the try.

After that, you have to maintain it. Keep your available credit nice and open. Keep paying on time. Don't get anything new on your record. If you can do this for a while, your score will start climbing.

Credit Cards can be an asset to your personal finances. You report your credit card company to regulatory or consumer rights agencies, if they engage in bad business practices such as abuse or unauthorized charges and contract amendments.

Unfortunately, 578 is a really low credit score and will make it very difficult to qualify for a loan. Most places also require that you have held a job for at least three months in order for you to borrow. If you have the title to your car you may be able to get a loan that way. However, be careful as you will have an inflated interest rate and may be required to pay weekly on the loan.

Your best bet may be to try to find employment first and then going into your bank requesting a secure credit card or loan. This will typically require money upfront (varies by institution but is typically no less than $100) which they will hold for a given amount of time until you have established a solid payment history.

Pay your bills on time, use credit cards but do it wisely so that your rate of usage is low, and have credit accounts open for long periods of time.

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