Dealing With Your Credit Score after a Big Problem
Big, bad problems can happen to you – bankruptcies, divorces, law suits, non-payment of taxes. These are big problems that can affect your credit score in as big way. If you have faced a large problem that has ruined your credit, you need to take action fast and work consistently to boost your FICO score:
If you have bad credit, establish better credit by taking out credit and repaying it quickly; Try secured credit if you cannot qualify for other types of credit; Give it time; Contact your banks and ask credit limits to be reduced; Start repairing your credit right away after a big financial upset; Consider co-signing for loans – but consider well before taking the leap; Don’t overlook bankruptcy; Don’t choose bankruptcy as an easy out; Learn from your mistakes.
