Money Matters: 4 Tips for Improving Your Credit Score Read more: http://www.wmur.com/money/28768934/detail.html#ixzz1VosT9Cn9

Repairing bad credit is not quite as simple as repairing your car. It can take years for your credit score to bounce back from a delinquency or default. And without a good credit score, you can find yourself fielding rejection notices when you apply for a loan or credit card. Or you could have to pay a significantly higher interest rate to borrow then someone with a higher score.

Why is your credit score so important? It’s the number that lenders use to gauge how likely you are to repay debts on time. It is derived from information compiled in a credit report -- including your payment history, the amount you owe creditors compared with the amount of credit that is available to you, and the extend of your credit history. Generally speaking, the higher your score, the lower your perceived risk to lenders.

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RESOURCES

• Credit Cards for Bad Credit
• Loans for People with bad Credit