Turning Around Credit Mistakes
Turning Around Credit Mistakes
I had a credit card in default when I was 19 years old. Because of this, it took me seven years before I could get an auto loan. I began to focus on rebuilding my credit and the most important key to that was paying off my debts in a timely manner. Looking back now that I’m in my 40s, it was a dumb mistake by me to default, but I learned my lesson the very hard way and won’t ever let it happen again.
In the past couple of years my wife and I have purchased a home and also a parcel of land for our retirement. This was all possible because we both have excellent credit scores now!
MilSpouse Money
Mission Response:
Thank you for sharing your story. The great news is that, like Brian, you can learn from past missteps, start from where you are and build positive financial habits moving forward. Understanding credit and managing debt are two key pillars of a strong financial foundation.
Check out our section Understand Credit 101 for more on responsible credit use and how to build a positive reputation. Debt management often goes hand-in-hand with understanding credit. Proper management of debt is key to achieving your financial goals. The resources available in our Managing Debt 101 section will help you get started. Make a plan to attack your debt using the snowball or avalanche calculators to help you build your unique plan.
