Bad credit rating can have a deep impact on your life. You are likely to have to pay higher interest rates on loans, you may not be able to access high end credit cards and it may even affect your chances of landing a good job, considering most employers check the credit report of potential employees.

If you have bad credit rating, there are ways and means to repair it. Here are some of the most effective ways you can repair bad credit:

o Order a copy of your own credit report. The most important reason for this is to check if there are any errors in the report that are affecting your rating. If there are any inconsistencies, get them rectified immediately.

o Pay all your bills and credit card dues on time. Late payments will affect your credit rating adversely.

o Reduce the number of credit cards you use. Keep 2 or 3 credit cards and close the account of all other cards. This will reflect in your credit report.

o If you are in too much debt and are unable to get out of it, you may want to consider consulting a credit counselor and look for ways and means by which you can reduce your debt. You may also want to consider measures like debt consolidation.

o Request a family member to co-apply with you for a small loan or a secure credit card. Ensure that you make all the payments on this loan or credit card on time. This will help establish a good credit rating for you.

o Try and clear out as much debt as possible that is in the form of loans or credit card dues.