The first thing you should do is get a credit report and find out exactly what is on that report. Look at every account. Check to see if there are any accounts in good standing. If you have a few accounts, or even one for that matter, that is still in good standing, keep it that way.

Being able to keep a few accounts will help to keep your credit score from completely bottoming out. So keep those accounts current at all cost. If, on the other hand, there are no accounts in good standing, don't worry, you can still fix it, it is just going to take a little longer.

The worse thing you can do once you know you have lost control of your credit score is to ignore the problem. The sooner you start to fixing it, the better off you will be. Just because you aren't paying the bills, doesn't mean your creditors have forgot about you.

They are now in the process of raising your interest rates, and slamming you with late fees. So time is literately money when dealing with creditors. If you continue to ignore them, they will eventually send your account over to a collection agency and they will hound you continuously.

So call each of your creditors and explain your current situation. Many will work with you by lowering your interest rates and no longer adding late fees to your balance. They will try to get a commitment of as much money as they can from you each month. But do not let them push you into promising more money than you can actually send. If you have figured out they can each have $20.00 a month, so be it.

If on your own you are having no luck getting anywhere with them, you can seek out companies that specialize in dealing with them. They are experienced and usually have built a connection with someone at each credit card company that will work with them. They know the ins and outs of the business.

So, to rebuild your credit first clean up the messes on your report the best you can. Then cut up all credit cards except one major credit card, if you have it. Then make sure that you keep all your bills current. Do not apply for any new credit cards for a least two years, this gives your previous applications for credit time to "fall off" your credit report.

Once you start to get back on track, take a small loan out using cash as your collateral with your bank, say for $200. Pay it back on the terms set up on the loan. As you keep doing this, your credit rating will slowly improve.