Avoid All Risks to Your Credit
You have bad credit? It’s kind of awful, isn’t it? I’m right there with you. I made some (read: many) mistakes when I was younger. A lot of mistakes. Enough financial mistakes that nearly for a decade in my 20′s I was unable to do anything at all. I couldn’t get a new car. I couldn’t even get a home. I was so stuck because of my poor credit I was forced to do nothing but work and pay cash for nearly everything. Even when I was able to get one of those loans for people with poor credit it wasn’t enough to repair the damage to my credit.
It’s amazing how easy it is to destroy your credit. A couple of bad accounts, an unpaid credit card and suddenly you find your credit score down to 300. I always heard that a bankruptcy is what would really kill your credit; nope, not true at all. It will certainly damage your credit but it doesn’t take much at all to kill your credit score. Unfortunately, it’s a lot more difficult to actually build and repair credit than it is to damage it. That is just so amazingly American that it almost hurts.
Repairing credit should be easier. When you have bad credit it should be a lot easier to fix it by taking a risk. A loan is a risk and when you have poor credit and do well by paying it on time should account for a lot more than it does. Yet, this is the American credit system we’re talking about. It has taken me nearly five years of constant work, monitoring and risks to repair my credit enough sot hat I can get a loan for a car. My advice: never make a single mistake that can damage your credit.