When you have bad credit, many doors are closed to you. You might not qualify for loans, or you might have to settle for less-than-desirable terms that cost you thousands of dollars during the loan’s terms. In some cases, poor credit can result in higher insurance premiums.
Whether you have been through a bankruptcy, divorce or whether you have made past mistakes with your finances, rebuilding your credit doesn’t have to be complicated. As long as you have patience and create a plan, you can rebuild your credit and eventually obtain an excellent credit rating.