At 62 years old, Brad decided that it was time to rebuild his credit score after he was declined for an auto loan. Even at 62, he believed it was better late than never. Here’s how he went from a below 500 credit score to 750.
Estimated reading time: 4 minutes
Table of contents
- Interview with Brad from Washington
- Can you tell us about yourself and why you decided to rebuild your credit?
- How did you go about rebuilding your credit?
- What was the most difficult part?
- What’s the most important thing that you learned on this journey?
- How do you plan to maximize the rest of your life now that you have a great credit score?
Interview with Brad from Washington
In less than 2 years, Brad was able to rebuild his credit score from less than 500 to 750, as a 62-year-old. He’s an example of perseverance, hope, and that it’s not too late for you to start. We interviewed Brad and asked him to share his story and his best tips to help you build or rebuild your credit. The following are the questions we asked, and Brad’s answers.
Can you tell us about yourself and why you decided to rebuild your credit?
When I was 32, I got into a lot of credit card debt and defaulted on a loan. The bank ended up revoking my card and my loan was charged-off because I couldn’t afford to make the payments.
It took me almost 15 years to pay it all back, and when I finally did, my credit score was shot. It tanked below 500 and I felt defeated. I gave up on my finances, started going down a path of bad habits, and did everything with cash.
One day, my car was totaled and I needed a new one. I couldn’t afford to buy a car with cash, so I applied for a loan but was declined because of my credit score. That’s when I knew that I needed to get my act together.
How did you go about rebuilding your credit?
I went into my bank and met with a banker. I explained everything that happened and he shared a few options that would help me rebuild my credit. He wrote out a plan for me and was there to help me stay accountable.
We started with a secured credit-builder loan that I did for 8 months. Then I was able to get approved for a secured credit card. After proving that I was responsible for the secured card, I applied for the regular credit card and was approved for that as well.
I only used spent money on things that I had enough money to pay for and slowly but surely was able to build my credit back up and surpass where I was before. I’ve never had a 750 credit score in the past so this feels amazing.
What was the most difficult part?
The most difficult part was being patient and disciplined. It’s tempting to spend more because of the credit limit and I wanted it to grow faster than it did, but I had to be patient.
What’s the most important thing that you learned on this journey?
You can change at any moment, regardless of your past. One of my bad habits as smoking, and once I got on the journey to building my credit, I quit smoking and haven’t done it in years. The discipline you gain from this can help so many other parts of your life. I thought I was too old to rebuild my credit but that’s not true.
How do you plan to maximize the rest of your life now that you have a great credit score?
I’ve been renting my entire life and would like to buy a house. Now that my credit score had been rebuilt, that’s my next step.
I hope Brad’s story inspired you and will motivate you to continue striving for your goals, regardless of your age. Brad is a reminder to us all that it’s never too late to change. If you want to rebuild your credit score, or increase it, work with a professional to set up a plan.
Featured image by David Em/More Money More Choices.
About David Em
David Em is the founder of More Money More Choices, which he launched to help you take control of your finances and build your dream life. Before More Money More Choices, David worked in leadership positions in the finance industry.