3 Secrets for Bouncing Back From Bad Credit

Thursday, June 14th, 2018
Updated: June 14th, 2018
The content is accurate at the time of publication and is subject to change.

If you’ve had a setback or two that left your credit score the worse for wear, you might be wondering what the best way is to rebound and get back on track to healthy credit. The good news is that many people have been in your position, and there is absolutely a road back from bad credit.

Whether your poor credit is the result of a job loss, divorce, illness, or something else, here are three things no one tells you about bouncing back from bad credit.

1. Secured cards are your friend. You may have heard about secured credit cards recently: they are increasingly popular among young people who’ve never had a credit card and are establishing a credit history, as well as people with limited credit who are having trouble being approved for unsecured credit cards.

With a secured card, you’ll be asked to put down a lump sum as a deposit. This acts as collateral, in case you don’t pay your balance due according to the agreed upon terms.

A secured card will report your activity to credit bureaus. So when you do pay as agreed, your credit will start to improve. Over time, you’ll have the option to get an unsecured credit card and have your deposit returned to you—if you’ve demonstrated your creditworthiness.

2. It takes time. Sure, it’s possible to rehabilitate your credit score. But it’s not going to happen overnight. A bankruptcy, for example, can stay on your credit report for anywhere from seven to ten years. Late payments and other negative information can take years to come off your credit report, as well.

Establishing credit from scratch will take less time than overcoming bad credit, but even this takes patience. Changing your credit score is not a quick process, so it’s important to stick with it and keep doing your best to improve your score.

3. A good credit score is worth the effort. Having good credit is helpful for many reasons. Getting a mortgage, being approved for a business loan, paying low interest rates on personal loans, and gaining access to elite travel rewards credit cards are just a few of the benefits of healthy credit.

So don’t give up on your journey toward excellent credit, no matter how bad your credit may be. A good credit score is always within your reach.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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