If credit scores were like golf scores, Rachel Lawson’s low FICO score would have put all others to shame.
Unfortunately, Rachel’s score was more like a double bogey than a hole-in-one. Poor decisions after high school, a repossessed car in her early twenties, and more late payments than she could count had left Rachel’s credit score in shambles.
But that was when she was a little younger and a lot more reckless with her credit. Today, Rachel has a credit score that tops out between 740 and 760, varying slightly between the three big credit reporting agencies.
So how did Rachel get her score from a dismal 463 to a credit score that offers her more borrowing options, easier credit approval and phenomenal interest rates that ultimately save her money?
When Rachel finally made the decision to climb out of the bad credit abyss, she knew it wouldn’t be an overnight accomplishment.
“My bad credit habits went on for a few years before I finally decided to make a change,” Rachel said. “When I realized how important it was for me to fix my credit score, I knew that it was going to take a little time.”
Rachel was right; building good credit – especially when recovering from years of having a low credit score – takes time. Building a reputable credit score should be approached like a marathon, not a sprint.
Rachel’s case just goes to show that with the right mindset and determination, anyone can recover from a low credit score. Here are the three steps that Rachel took toward building a great credit score.
For Rachel Lawson, going back to the old way of living in debt with an unsavory credit score isn’t an option.
“It’s really no way to live,” Rachel stated, “and it’s amazing how simple it was to clean up my credit score once I decided to sit down, make a plan and just stick with it.”