Your credit score is something that can affect nearly every aspect of your life. Do you want a phone contract? Sorry, your credit isn’t good enough. Oh, you’re planning on buying a home? Not with that credit, you’re not. Wait, you’re telling us that you need a car to get to work? Well, the bus might be better for someone in your financial situation.  

Bad credit can, in some ways, ruin your life, and if you have bad credit, you might wonder why or even how it happened. To give you an idea of what could have gone wrong along the way, here are four reasons you might have bad credit. 

Late Payments

Your payment history will make up around 35% of your credit score, so any late payments will significantly impact how lenders perceive you. The more you have put-off making payments, the worse your credit score will be, and it can take a long time for you to reserve the impact. However, you can consider solutions, such as researching the Debt to Success System on scam of the banks, which can offer some unique and useful perspective, and even provide some respite from the neverending clutches of debt brought on by interest rates. 


A charge-off will occur when a lender has given up trying to receive the money you owe. The problem here is that, while plenty of people consider The Man to be off their back finally, it instead leaves a mark on your credit history, which will severely affect your chances of being lent to ever again. You won’t be able to make purchases with this charged-off account, and this report could remain on your credit score for up to seven years, meaning you will need to work extra hard to improve your score along the way. 


If you’ve ever filed for bankruptcy, you know it isn’t a pleasant experience, and it is the most damaging aspect that can affect your credit score. Anyone who has a history of bankruptcy will find it nearly impossible to obtain loans ever again, putting you in a challenging position. 

Lack of History 

Sometimes, it isn’t all doom and gloom. While bad credit can come from years of bad money decisions or terrible luck, or even malicious family members taking out loans in your name, it also comes from having a non-existent credit history. Most of the time, this happens to teenagers who are fresh out of school and have never owned a credit account. Luckily, there are plenty of credit builder services that can help you generate your credit score so you can appear more trustworthy in the eyes of lenders if you want to apply for a credit card. 

Get It Fixed

It can feel like bad credit is the end, and it is something you will never escape from. However, this is not the case, and while it might feel like the banks and other financial institutions are against you, there are ways to get out of the swamp that bad credit brings. You need to recognize why you have such bad credit in the first place.