Granting credit to people who have shown a history of mishandling credit may sound counterproductive, but the reality is that this is a new era in credit and finance. In the past, a person with poor credit would never be afforded all the second chance opportunities to own a credit card that is made available to them today.
Nowadays, there is a credit card for everyone no matter what your current credit background but this does not come without sacrifice. You will pay a processing fee, a monthly maintenance fee, a yearly fee or all of the above, but you do what you have to do to get back on track.
When my credit went south, I had every lower-tiered, fee laced credit card known to mankind while trying to rebuild my credit and somehow I managed to even screw that up and defaulted on all of my second chance credit cards too! It seemed that I hadn’t learned much at all about credit but in reality, I did.
Even though I defaulted on my second chance at rebuilding my credit, I learned how to rebuild credit without actually doing it, and in fact, made my credit situation worse than it was before I started. I realized that I only failed because I was not mentally prepared to see the process all the way through.
Fast forward to today and my score hovers in the low 700’s because I was able to apply what I learned from my past failures at credit rebuilding. It took me about four attempts but once I had finally had enough, I was able to maintain my focus and follow the rebuild all the way through. Having a plan is great…Seeing it through is the hard part.
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