Raise your hands if you have got bad credit. Now raise your hands if your relatives gave it to you. Ya, that is my situation now. I had thought about eventually wanting to get a house but that has been shattered now with a boat repo on me. I had even thought about finally getting a credit card for emergencies but alas that is a dead dream too. Well, at least I thought it was. Having bad credit is a punishment in and of itself when you do not pay your bills on time or just do not pay. But when you get bad credit by association it is even worse because even though I have good credit overall which they can see, I now have that boat repo on me which is all they will care about even though I was just helping out a relative.
Now to get myself on the way back to the good graces of anybody I have to rebuild my credit back up. Right now I only have a car loan and a small personal loan out there in the world. No credit cards which also might not look good to some creditors either. The first thing would be to get a credit card to help build my credit score back up showing I can make payments and then eventually start looking at some companies that will help me with a home loan because I know this repo won’t leave me for like 7-10 years.
So what is the lesson we should have all learned from this? Do not help your relatives out because you could/will get screwed in the process by default and even though you may have bad credit, there are programs out there to help you build it back up. Whether they realize it might not be our fault or it is, they are willing to give people a second chance as seen on badcreditoffers.com’s website.
Alas, you have learned a hard lesson.
Never get involved in business ventures with your family or friends, unless you’re prepared to sour the relationship. You can’t be pals with someone who owes you money.
Also, some companies _love_ people with a bad credit rating, because they can charge them so much more. Personally, I pay off my credit card as quickly as I can, and would only take a loan in an emergency, not for holidays or things like that.