Repairing your credit is the first step in rebuilding credit. To bring up your score, it takes patience, dedication and a willingness to change your ways. Credit scores are based on credit history. Meaning, creditors will look at several years’ worth of your credit history to determine whether or not you are a good credit risk. You know you need to have a healthy credit score in order to get the things you want in life. In fact, your credit score affects all aspects of your life.

• Without a good score you will struggle to get loans or will likely pay high interest rates on car loans, home loans and even personal loans.

• You will pay higher auto and homeowner’s insurance rates.

• Paying high interest rates take money directly out of your pocket and affects what you can buy today, including things like groceries.

• Ability to secure a lease on your dream apartment will be impacted. Low credit scores may keep you from renting an apartment or home without having a co-signer.

When you are short on cash, because you are paying high interest rates on various loans and credit cards, you are tempted to rely on credit cards to buy day-to-day items. This creates a dangerous cycle that can leave you swimming in debt and struggling with the monumental task of rebuilding credit.

Why is rebuilding your credit so important and how does it help your credit score?

• Establishing credit is one of the ways you can increase your credit score. You need to prove your ability to make payments on time

• Rebuilding credit is crucial to achieving goals you may have like buying your dream home, owning a new car or even securing a loan to send your child to college.

• You never know when you may need to take out a line of credit to pay for medical bills or elective procedures like braces for your child.

There are numerous benefits to rebuilding your credit that will make your life a little easier.

• Confidence and peace of mind knowing you can buy the things you need in life without worrying about a poor credit score holding you back.

• Getting lower rates on insurance, car payments and other financed items puts more money in your pocket to put into your savings account.

• Freedom to choose the best loan with the best rates available instead of taking whatever you can get.

Life is stressful enough without worrying about a low credit score. You need credit from time to time to get the things you want most out of life. Rebuilding credit is something that can be done. With the 10 strategies outlined in rebuilding your credit report, you can achieve that healthy score you have longed for. You won’t have to worry about being denied credit and being forced to do without. It is time to make a change for the better and start doing what you can to take back control of your credit.