Asking a relative or friend with good credit to co-sign your credit application is one way to re-establish your credit. After one year of making all your payments on time, apply for credit on your own. This may be as simple as calling the creditor and asking that the co-signer be relieved of all responsibility for the account. If your request is denied, ask the creditor how long you must maintain a good payment record before being allowed to take over the account on your own.
It is very important to remember that when someone co-signs a loan for you, the co-signer is promising to pay if you don't. If you don't make payments on time, you could ruin your co-signer's credit. You could also ruin your relationship with that person.
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Asking a relative or friend with good credit to co-sign your credit application is one way to re-establish your credit. After one year of making all your payments on time, apply for credit on your own. This may be as simple as calling the creditor and asking that the co-signer be relieved of all responsibility for the account. If your request is denied, ask the creditor how long you must maintain a good payment record before being allowed to take over the account on your own.
It is very important to remember that when someone co-signs a loan for you, the co-signer is promising to pay if you don't. If you don't make payments on time, you could ruin your co-signer's credit. You could also ruin your relationship with that person.