Keep in mind that there is no shame in asking friends and family for help if you are struggling. If they are willing to lend you money based on what they know of your character, it has the potential to improve your credit ratings. A friend or family member may allow you to be listed as a co-applicant on an account. You should not feel obligated to use the card one you receive it; rather, make sure you give it to the person holding the account to ensure that you are merely listed on the account and not an active user. This way, as your friend or family member makes positive payments, the credit card company will let the reporting agencies know that you have a positive payment history.

Another option is to have a friend or family member be a cosigner on a loan. When taking this route, try to arrange that the cosigner controls the loan amount to simplify repayment in the future. The cosigner can choose from a variety of options what is best to do with the loaned amount. These may include putting it into a savings account, money market account, or investing in an interest-earning fund. That way, they can pay the load with these funds and will avoid incurring any financial losses because of your loan. If you are charged interest on your loan, make sure you discuss with your cosigner how to cover these charges. If you have confidence in your family member or your friend and they trust your reputation, consider yourself lucky to have the opportunity to rebuild your credit based on such conviction.

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