Have you just gone through a hardship and your credit score has plummeted?  Now is the time to start Rebuilding your credit.  There are a couple of ways that you can approach Rebuilding your credit; over time and with some patience, your credit score will be where you want it.  To start Rebuilding your credit, you need to get a copy of your credit report.  Your credit report will show you of any delinquent payments you have and what outstanding debts you have to pay.

Pay your debts off first.  When you pay your outstanding debts off, you are taking outstanding amount off of your credit report.  Cut back on items you have in your home.  For example, cancel your cable television.  This will give you extra money each month to apply to your debts.  Starting pay your debts off one by one.  Any extra income you have, put on that debt.  Once you have your debt paid off, close that account or credit card.  When you close your account, you will be removing this debt and account off your credit report.  This will start to boost your score.

As you are paying off your debts, you may have noticed that you might not be able to make a minimum payment.  Keep in contact with the lenders and credit card companies you owe money to.  When you inform them that you are going to make a payment late or you will not be able to make the full payment, they will find more trust in you.  If you choose to ignore them, they will start calling you frequently and may send you to collections.  This will further hurt your credit.

Once you have your debts paid off and your accounts and credit cards are closed, start Rebuilding your credit by opening up a new account or credit card.  When you do this, make sure it is a credit card or account you know you can financially handle each month.  As you use your card, keep track of the amount you are spending.  Never spend an amount that you cannot pay off the next month.  As you use and pay your credit card and account off each month, your credit score is going to start to increase.

For help about Rebuilding your credit, go to www.boostmyscore.net.