Bad credit: Here’s how you can bounce back

I’m Andrew Curran Wesleyan. One of my biggest passions in life is helping people turn their life around by sharing with them everything I’ve learned about managing finances. For this particular blog, I’ll focus on how people can bounce back after getting a bad credit rating. Remember, bad credit rating will keep you from getting loans, which is especially important if you plan on investing, which I also urge you to do. But that’s for a different blog.

Image source: Pixabay.com 

Here are some ways you can recover from a bad credit rating.

Re-credit

Getting new credit might feel a bit counter-intuitive if you already have bad credit, but believe me, it’s a good move. If you have problems with a major credit card, having a few other credit cards that have good credit will be a plus, especially if this good credit is reported to credit bureaus. They can actually help balance out your bad credit.

Timely payment

Image source: Pixabay.com 

Paying your bills on time may not help your credit rating that much, but it surely won’t make it any worse. This is more of a preventive measure than anything else, which is very important. A lot of people make things worse by not paying on time.

Due diligence

This is an Andrew Curran Wesleyan "must-do." Always be financially aware of your credit scores. Check the reports and see if there are any inaccuracies. Also, be financially aware of your finances as a whole, so that you may know just how much credit you can spend in the future.

Andrew Curran Wesleyan is an aspiring financial advisor currently enrolled in the University of Connecticut. He is currently studying finance. Subscribe to this blog for more financial tips.