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How Can I Fix My Bad Credit?

Your credit score is an important barometer of your ability to repay bills in the eyes of those who are considering loaning you money. The loan can be for a home, a car, or even a credit card (which is really a short term loan after all). All of these people will check your credit score prior to making their decision about your loan.

You can check your credit score through one of the 3 major credit bureaus and if it is bad you need 2 key things to restore it back to good health:

1. Short term loans that you pay back promptly
2. Time

In short, you need to rebuild your track record in the eyes of the system that determines your score. In order for that system to raise your score, you need to show it you’ve turned the corner and pay your bills promptly for a decent period of time.

Start paying your bills on time and if you are able to get additional credit (say in the form of a credit card) do so and put small amounts on it that you are 100% positive you will be able to pay off ON TIME every month. Don’t spend anymore than you would if you were only spending cash and keep a log of exactly waht you’ve spent that month so you are not surprised when the bill shows up at the end of the month.

Remember you are trying to get out of debt and rebuild your credit at the same time – it takes financial discipline.