Having bad credit is like having a perpetual black cloud hanging over your financial life. Your interest rates are likely to be sky high and as far as getting new credit goes–fuhgeddaboudit.
So, what do you when your credit’s bad? Well, you could spend time cleaning up past credit mistakes and paying down your balances, both of which could improve your score. That’s the smart, albeit somewhat boring, thing to do.
The alternative is to throw caution to the wind and plunge even deeper in debt. If you need a roadmap for what not to do when you’ve got bad credit, we’ve got you covered. Here are eight ways to add even more to what you owe.
1. Persuade someone to add you as an authorized user
Bad credit isn’t an obstacle to more debt if you can piggyback off of someone else’s good credit habits. Asking a friend or family member to add you to one of their credit card accounts as an authorized user is a relatively easy way to up your debt quotient. You can charge to your heart’s delight and the best part? Because they’re the primary cardholder, they’re legally responsible for all the debt you rack up.
2. Get someone to cosign for you
If you want to get a loan but the lenders are saying no way because of your credit score, a cosigner could save the day. As long as they’ve got good credit, it may not matter as much if your credit rating is trashed. You can use a cosigner for a car loan, student loans, personal loans or even a mortgage, which means you can dig yourself an even bigger debt hole than before.