Ways on Rebuilding Your Credit

Rebuilding your credit is also a question I have in mind. As I have mentioned in my previous post, I had a cancelled card before and I'm pretty sure I am now blacklisted from all banks. Now that I have learned my lesson and is starting to build my life, I want to be able to get my own house and car but without financing it'll be impossible. But how do I rebuild my credit? So far, the only answer that I have found are the following:


  • Apply for a Secured Credit - It works the same way as a credit card but you will have to deposit funds to the bank either through savings or time deposit. Your credit limit will vary depending on the bank. RCBC, as far as I know the amount you deposited will be your credit limit 100% while with BPI or other banks, your credit limit will be at least 80 - 90% of the amount you have deposited. For more information, I suggest you visit your bank.
  • They said that you should apply for a checking account but on the contrary I know that you will not be able to apply for a checking account if you have bad credit. If anyone can, clarify this, I will really appreciate it.

Anyway, I really feel sorry for myself and I regret being an impulsive buyer. If only I could go back in time where I had all my credit cards, I would have thrown them away to keep them away from me. 

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