Have you damaged your credit score to the point where you fear that nobody is ever going to give you a loan or another credit card again? There is no need to fear that this is an irretrievable situation. It is not, but just as the damage to your credit score took place gradually over time, fixing your credit score too will take time. Slow and steady wins the race is an adage that you can apply to yourself as you start on the path to raising your credit score. Be patient, diligent, and consistent as you apply these strategies and one fine day, you will wake up to a credit score which you can be proud of!

While there are a multitude of credit scores, the ones that are most popularly used are FICO and Vantage. These scores range from 300 to 850. A FICO score above 720 and a Vantage score above 661 are what you should be aiming at.

Best 5 Steps to Rebuilding Credit:

• Get to the root of the problem: Do this by getting your credit reports from the major credit reporting companies. By law, each agency has to provide one free report annually to you. Once you have obtained your reports from each of the agencies, go over them with a fine tooth comb and a magnifying glass, if need be! Find any minor or major error and report it to the agency, which is legally bound to fix it without charging you for it. Any such errors which are found by you and which is verified and fixed by the agency can improve your score significantly. If there have been damages to your score due to something that happened more than seven to 10 years ago, that has to be erased from your report.
• Fix the problem: Seeing your credit report can help you see where you went wrong, which can help you plan to fix it and prevent it from recurring. If your credit score was damaged due to a series of late payments or because of overspending from your income, then you know what you need to do to fix it. Use features such as auto-pay in banks and apps that help you to remember to pay your bills on time. Cut back on your expenditure or look for ways to increase your income to be able to live within it.
• Nurture your score: Help it grow by doing positive things such as paying your bills on time, which can go towards filling 35% of your FICO score. Always keep your balance under 20%. Use your credit card only when absolutely needed and pay back your balance on a monthly basis.
• If you have multiple cards with debts in each, make sure to pay off most of the balances, but leave some balance around to continue to make payments on it, so you continue to build up your score! Also, try and stop using them until you have low balances on all of them!
• Finally, be patient!  This is a long process that takes time!  You want to build your credit up by continuing to make payments each and every month.  If you have fixed all your other problems, and continue to make payments each month on a few cards, you will earn an amazing credit score that will allow you to do many wonderful things in this great country!

Now our recommendation is to make sure you have no problems or negative factors on your credit score, then you want to have a few credit cards with low balances that you can make monthly payments on!  If you have this, you will build an amazing credit score that will give you access to anything that credit can!