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Betsalel Cohen
UpdatedDec 1, 2010
Key Takeaways:
  • A poor payment history is likely bringing down your credit score.
  • Start rebuilding a positive credit history to boost your score.

Can you tell us where to start for fixing bad credit?

My husband and I have bad credit. We do not own our home and we are trying to clean our credit. The problem is that no one will give us a chance to clean our credit because we do not own our home. Can you tell us where to start for fixing bad credit?

It is important to understand how your credit score is calculated. Your credit rating is calculated based on several variables, including: your payment history (do you have any late payments, charge-offs, etc.), the amount and type of debt that you owe, if you have maxed out any of your trade lines, and then several other secondary factors like the length of your credit history and how many recent inquiries have been made to look at your credit history.

Therefore, it is likely that a poor payment history is bringing down your score. The first thing to do is to attempt to pay off any delinquent accounts that still have balances on them. You may be able to try to negotiate reduced payoff amounts on your own by contacting your creditors, but we generally recommend trusting an expert who deals with these situations every day, and maintains a good Better Business Bureau rating. makes it easy for you to apply for debt relief.

Next you need to start rebuilding a positive credit history: open some new credit lines, charge small amounts and make sure your bills are paid on time each month — you will be surprised how quickly your score can bounce back.

These are a few of the considerations. If you would like more information, please visit our debt relief boot-camp and the resource How to Improve a Credit Score.

If you are in the market to buy a house now, spend a few minutes to learn if a no-cost mortgage is right for your situation.

I hope this information helps you Find. Learn & Save.