Having a bad credit score does not mean that the world has ended for you. You can easily and consciously begin any day to take steps to improve your credit, all you need is a plan. Here is a credit score success story to give you some ideas.

When you hear about credit scores, it’s usually a cautionary tale. Just like the “scary folk” stories told to teenagers about drugs and alcohol, the internet is littered with tragic tales of naive or willfully ignorant consumers tanking their credit scores and ruining their chances at
owning a home or being financially successful in any way, shape or form. But the truth is, you can always come back from a bad credit score. Whether you destroyed your score with bad management, credit card shopping, taking out an
irresponsible loan, or forgetting to make student loan payments on time, there’s always a way back from the brink. It may not be as easy to build your credit up as it is to burn it down, but it can be done.
Here is a credit score success stories from Latoya Scott of Life And Budget. A true life story also about credit building, so you can learn from the experiences.

Latoya Scott; Bouncing back from bankruptcy.

When Latoya Scott of Life and a Budget filed bankruptcy a decade ago, she had $95,000 in debt, including $36,420 in credit card debt. Her credit score was somewhere in the 500s.

After getting most of her debt removed in bankruptcy, she was left with a $7,000 car loan and $51,000 in student loans. Determined not to repeat her mistakes, she made on-time monthly payments of her loans. Her score was in the high 600s just 18 months after bankruptcy. Scott said paying her loans regularly and not opening new lines of credit for two years helped her bounce back quickly.
“I’ve remained consistent with this practice of paying installment loans on time each month and paying my cards off,” she said.
Two years after filing bankruptcy, she and her new husband bought a house, dispelling the myth that bankruptcy prevents homeownership.

The Moral lesson
Bankruptcy is often portrayed as a kiss of death for homeownership and good credit. It’s true that a bankruptcy will be on your credit report for seven years after filing, but the impact on your score will decrease over time.
“It amazes me that this narrative that bankruptcy means you’re financially ruined forever is still out there,” Scott said. “It’s not by any means an ideal situation to be in, but if you’re patient and willing to learn proper money management habits and rebuild your credit, it’s
certainly possible.”

Visit this blog next week for more success stories like.