Restoring Your Credit – a Tough, But Possible Task

Suppose you’ve been refused a loan, or offered one, but at an incredibly high interest rate. You are unable to receive a credit card – all of the providers turn you down. This is all because of your bad credit. What is ‘bad’ credit and how can you fix it? Poor credit worthiness is usually defined as having a FICO score of 650 or below, with a score of 500 or lower making you virtually radioactive in the view of credit card companies. FICO is a number reflecting your credit worthiness which is calculated by the three big credit reporting agencies and is based on data they compile including outstanding debt, number and length of late payments, among other considerations.