Image source: Shutterstock, Copyright: Marcos Mesa Sam Wordley
Having "bad credit" means that one's FICO score is below 550. If you've defaulted on a loan, declared bankruptcy, or had a poor track record of paying off credit card debts in the past, odds are most credit issuers will not want to touch you with a 10-foot pole. Unfortunately for people in this situation, many things today rely on credit scores -- anything from getting approved for a credit card to landing an apartment. With enough patience and financial prudence, however, you can turn yourself into a lean-mean-credit-mastering machine. You can set yourself on that path by following the tips outlined below.
- Focus on rebuilding your credit. Open up a line of credit, and make even the smallest purchases, that you pay off completely at the end of each month -- this is a surefire way to steadily improve your credit rating. Rebuilding a credit score is a process that does not happen overnight. You don't want to realize you need to build up your credit score a month before a major credit check will be preformed. At that point, chances are, it will be too late to make any meaningful changes in time to get what you want.
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