As a result of bad money management over the years, you suddenly find yourself needing to borrow money, and no one will lend it to you without charging an exorbitant amount of interest. Here are five things you can start doing right now that will help you fix bad credit scores and put you back on your feet financially.

The first thing you can do to begin working on your bad credit rating is to get a secured credit card. These are available at banks, credit unions and on-line. In order to establish the spending limit on the secured credit card, you will need to pay approximately $300. Each place has a different minimum.

Once you have your secured credit card in hand, remember these two tips: Don’t buy anything you don’t have the cash to pay for and pay your bill before the due date. Be careful because some secured credit cards have a number of different hidden charges, and you can lose everything you put down. After a time of proving you are a conscientious customer, the bank may raise your buying limit. If they don’t, ask if you can raise it by putting down more money.

Riding piggy back on someone else’s credit card is another way you can fix bad credit. The person will need to have a lot of confidence in you in order to willingly risk his credit score to help you. This will be the hardest part.

Choose someone with an excellent credit score and ask them to allow you to have a card under their account with your name on it. All they have to do is request a card in your name. Once your name is on that card, their good credit rating will roll over onto your credit rating.

See if you can find a credit card company, credit union, bank or major department store that will give you a high limit credit card, even if it means having a high interest rate. The interest rate won’t affect you if you pay your total bill each month. Be sure to set the cash aside in a banking account before you make any purchases. You want to have the money on hand when the bill comes due. Don’t buy anything you don’t absolutely need. Use the card to buy necessary items like gas or food.

Make your payments on time. This will influence your credit score faster than anything else you can do. Credit companies are interested in seeing how well you manage your money.

The last thing you can do to fix bad credit is also the simplest. Don’t purchase more than 50 percent of your credit card limit in one billing period. Remember that you want to show the credit companies that you have a budget and know how to stick to it.

If you are serious about finding a way to fix bad credit, follow one or more of these steps, and you will see your credit score begin to rise. If you faithfully apply these principles, you will see your credit score steadily go up and within 18 to 24 months, your bad credit will be fixed.

However, all the other temptations must go if you want to repair your credit. Like it or not, we live in a world that depends on credit. Online Credit Repair This information is factored into your credit score.