It’s nearly impossible to thrive financially without a good credit rating. Unfortunately, I learned this the hard way after taking risky business decisions that led to significant financial losses and damage to my credit score. I was left with massive debts and a poor credit rating that made it hard for me to open a simple bank account.
However, I discovered that access to credit is critical to creating wealth. After losing hundreds of thousands of dollars on property deals and business ventures, I realized the importance of maintaining an excellent credit score. I was determined to rebuild my credit rating and never put it in jeopardy again.
The following is the method I used to restore my credit score to a first-class level. When you have no money, no assets, and no lender willing to offer you a loan, it might seem like rebuilding your credit rating is impossible. But with a little bit of cash, it is possible. To kickstart the plan, you need about $1,000.
I was used to a lavish lifestyle, but eventually, I ended up broke and on the brink of bankruptcy. To get some cash to start my credit-building plan, I sold my personal possessions at car boot sales and through local ads. I set aside $150 as an emergency fund and used $500 to open a high-interest savings account at a bank. I then applied for a personal loan, using the $500 deposit as collateral, and took the borrowed money to another bank to open another savings account.
By repeating this process at several banks, I was able to repay my loans and access my savings. After a few months, I was able to secure a loan of $500 secured on my home. Over time, I applied for credit cards and was able to increase my credit limit.
The key is to always be mindful of your credit score. I became careless with borrowed money in the past and ruined my credit rating. But now that I’ve restored my credit score to a top-notch level, I will never let it be ruined again. When borrowing money for wealth-generating programs, be careful and do your research. Don’t just jump in blindly, like I did, and end up losing big.