How to Rebuild Your Credit in 7 Steps

Way too many Americans have a strange ambivalence about their credit scores.

According to a 2019 survey from VantageScore, U.S. adults’ knowledge of their credit score issues fell by about 15%-20% between 2012 and 2019.

That’s resulted in a scenario where millions of Americans “have fair or poor credit scores” the report stated

That’s a problem, as the less knowledge one has about their credit score, the more likelihood that credit score will decline, and the higher likelihood they’ll need to expend great time and energy in rebuilding that credit score.

Otherwise, Americans with low credit scores will face potentially serious personal financial issues, including:

  • Low or no access to credit.
  • Boosting the cost of credit a consumer can obtain, by resorting to subprime loans and credit cards with ultra-high interest rates.
  • Higher household financial costs in the form of higher deposits demanded by utility companies and Internet and phone companies who otherwise wouldn’t extend credit.

If that sounds familiar and you want to remedy a low-credit situation once and for all, it’s time to rebuild your credit score.

7 Steps to Rebuild Your Credit Score

Patience is the mindset you’ll need to go into a credit rebuilding campaign – you might as well know that right off the bat.

Past that, you’ll also need equal doses of discipline, creativity and financial savvy. Those are the attributes of any high credit score individual, and they’ll serve you well in your credit rebuilding campaign, as well.

Credits: Thestreet

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