Your credit Score is at 400, Now What?

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It can be somewhat uncommon, but there are some citizen out there who have fallen into the depths of the Fico credit scoring ideas and have gone down, or near, 400 Fico score. What to do now, is the interrogate that is on everybody's mind and can one come back from a financial fiasco.

If this is you, then you have to get back on track to financial stability. Being at a 400 Fico score means your credit is as bad as it can maybe be and that you have either had bankruptcies, defaulted payments, repossessions and other huge detriments to your credit in the past. No matter what your case may be, there is no situation that cannot be remedied.

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So, to rebuild your credit from the lowest of the pit of despair, what do you do? First of all, if you as a matter of fact still have credit cards... Stop Using Them, out of sight, out of mind. You don't need to get rid of them, you just need to pay them down because you can get back into right standing with your creditors and besides no matter what, credit is critical for purchasing power. Second, cut out all the bills you do not need and or unnecessary spending. This will save you money to start making payments on the loans and credit cards you owe, start off by paying down your high interest cards and top amounts, working your way down.

Your credit Score is at 400, Now What?

Next, sell things you do not need or anything you owe money on. This will prevent the bank or other creditors from seizing the goods and additional damaging your credit. Plus, you can use the money to pay off more of your loans and to keep your bills current.

Again, I understand the feeling of frustration and helplessness. It all starts will recognizing there is a problem and knowing that there is a solution. With patience, discipline and a good action plan, you can be back on your feet quicker than you can imagine. Don't lose sight of your goals, credit is key to getting that dream home, that new car, or beginning a new business that you have always dreamed of.

Your credit Score is at 400, Now What?