1. Speak to your creditors.
If you haven't already spoken to the companies that you owe money to this is a number one priority. You will probably be surprised just how helpful they can be when you give them a call. They usually have a specially trained team of people whose sole job is to help you get things sorted out.
2. Don't make arrangements you know you won't be able to keep to.
If you're talking to your creditors, and they suggest ways you can fix your credit don't be tempted to accept something they suggest just to try and keep them happy. You will end up making the situation much worse. It's always best to tell them the truth rather than to have to go back and renegotiate.
3. Stick to all the arrangements you make.
Ensure that you make the re-arranged payments on or before the date, they fall due. This will be shown on your credit report, and it will help to re-establish your credit rating much faster.
4. Don't be tempted to try to borrow any further loans until you have sorted out your existing problems.
Each inquiry will be shown on your credit report, and it will make you look very unreliable if you are trying to take out more than you currently are able to pay.
5. Always tell the truth on future loan applicatio
Tell companies that you have had a problem in the past, what you did to solve it and how you are now able to stick to your financial commitments. Don't try to fool them - they will find out!
