Hi Rudy,

This is a good question. It is very easy to damage ones credit but much harder to repair the damage. What’s the best way to start? I would recommended that you open a saving account and start saving first. After you have accumulated $500 to $1000 ask the financial institution to grant you a loan secured by the savings. You will get the loan and then start making monthly payments until it is paid in full. Remember, the savings will not be available to you during this time. You are in a sense borrowing your own money. If you make the payments on time every time, you will build one good credit line on your credit report. After you’ve been paying on this for several months, you might apply for a department store credit card which will have a small limit. Again use the card but pay the balance in full every month. Again doing this for ten to twelve months with help rebuild your credit.

Another option you might try is getting someone to guarantee a loan for you. If you don’t repay, the one guaranteeing the loan will be asked to pay. Again paying this loan on time every time will help rebuild your credit.

I wish I could tell you there is a quick fix to rebuilding credit but there is not. It takes time and patience to get the job done.

That’s my take on it.