Unexpected problems can happen to the best of us – bankruptcy, divorce, legal judgments, unemployment, illness, etc. Any of these are traumatic and can affect your FICO credit score in a big way. If you have faced a financial meltdown, you need to take action quickly and work diligently if you want to fix your credit and rebuild your FICO score. 1. Getting Good Credit To Fix Your Bad Credit. This may seem contradictory but if you have bad credit, you need to establish better credit by taking out credit quickly and repaying it quickly. If you have terrible credit following a bankruptcy or other major financial disaster, you may need to rebuild your credit rating by taking out a loan. Here is how to pull this off. Some banks will require that you have enough savings to cover the loan before they will lend you money. This is a loan that is secured by your savings account. You need to sell something or borrow money from a family member or friend and open a savings account with that seed money. You will put up your savings account as collateral. Try for $1000 to start this. Talk with your banker for terms that will allow you to easily pay back the loan. Pay back the loan quickly because your savings are “locked” until you do. Try make double payments, too. When the loan is paid off, do another loan the same way. This method is inexpensive, too. You will be paying interest on the loan while you earn interest on your savings account to offset some of the loan costs. It’s a win …