Stop the Bleeding

There are plenty of "prescriptions" for bad credit. If it is really bad, you must seriously get your spending under control, ask the lender to re-age the loan if you have two late payments or more, and give it some time! Even after a foreclosure, a credit score can be repaired perhaps in 3 years. A foreclosure should be removed from your record in seven years and a Chapter 7 bankruptcy should be removed in 10 years.

To make sure your credit is good encough to take advantage of these low interest rates, find out first what is in your credit report. You can find that out by getting your free credit report at www.annualcreditreport.com. Check and clean up any inaccurate information on that credit report. Get rid of outdated information. By law, credit bureaus are supposed to remove information pertaining to the credit score not more than seven years old. Then of course protect your credit identity so things don't show up on your credit report that are not yours.

Your credit report is a report of your life and history of paying bills. It will help or break you in getting a loan. Keep on top of your credit report!