3 Lessons About Improving Your Credit Score

I’d always paid my bills on time, but about three years ago I lost my job due to downsizing and it was quite a while before I got back on my feet.  In the meantime, my credit rating was shot all to blazes.  I felt embarrassed and guilty, because I’d always prided myself on keeping my word.  Plus,  I had gotten so far behind on my bills that I thought the situation was hopeless, and I’d never have good credit again.  But about a year ago I decided to try improving my credit score, and I was surprised to learn that I was able to, and relatively quickly.  Here are three things I learned.

One, it’s never hopeless.  No matter how bad it seems now, it’s possible to turn things around.  And I’m not talking about just a little improvement, but a radical one.  My credit was pretty bad after the financial disaster my family and I went through.   Actually, terrible is more like it.  My credit stunk.  But a year after I put my mind to it, I now have excellent credit once again.

Two, the worse your credit is, the faster you can see improvement.  That may seem counter intuitive, but think about it.  If you’re at the bottom of the barrel, there’s no place to go but up.  If you’re like I was, your credit score couldn’t possibly get much worse.  In fact, I saw the biggest jumps when I first began improving my credit score.  The improvements keep coming, but they get smaller as your FICO gets higher.

Three, it’s not a good idea to try to go it alone.  Yes, you can try it yourself if you want, but it’s going to be rough sledding.  I tried improving my credit score by myself but had very limited success.  It was extremely frustrating, not to mention discouraging.  Finally, I decided to get some resources to help me get a better credit rating, and that’s when the progress started.  So, if you’re in the same boat, don’t give up, and don’t try to go it alone.  When you do it right, you can raise your credit score quickly.