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.

 

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