We have bad credit. It took us 7 years to build our credit from the last business breakdown. Just as we did, hurricane Ivan hit, prices went crazy, and bonus pay and raises went out the door.
Our credit score is 585 I have no idea how or what effect our score mostly. Sadly, I am afraid at mid-age, we will not have time to fix it. Loss of our home, job, to later be replaced with a better paying job, then still too late to catch up debt.

What can someone like us do to fix our credit score at a faster pace? I am sure our home will soon go on to eat a few more numbers tool...

Here is a site that does a fairly good job of explaining them.

Your Credit Score: Understanding All 3 FICO Credit Scores | myFICO (http://www.myfico.com/crediteducation/creditscores.aspx)

But yeah.. you are going to have to get that up a lot higher before a bank is going to talk to you for a loan or refinance.

There is a link on the left side that says "improving my score"... click on that after reading the home page.

Bad credit mostly only hurts if you borrow money, borrowing and not repaying is what hurts and gets you bad credit.

If you save money, do not borrow, then you have no need for a credit score really. Really time and proper use of credit is only thing that will repair a score

It affects more than just your ability to borrow money and how much you pay for the priveledge... its a factor in what you pay for insurance, all kinds of insurance... if you can even get certain jobs... and manuy more things.

Because how you treat your credit speaks volumes about how you live your life.. and the choices you make. As well as the quality of those choices.