Credit is a fact of modern life. Without good credit, it can be hard to move forward in life. If you've experienced a bankruptcy, foreclosure, job loss, or if you've just fallen behind on your credit card bills, your credit will take a hit. How do you reestablish good credit when you're credit rating has taken a hit? Read on for a few tips.

1. You'll need to stop the bleeding. First and foremost, you'll need to do what you can to get caught up. This could mean credit counseling, debt settlement, or even bankruptcy.

2. Once you are no longer behind on your bills, pay them on time, preferable early. If you have a mortgage or car payment, pay them on time. Paying your secured creditors on time can go a long way towards rebuilding credit.

3. Take a look at your credit reports from the three main credit reporting agencies--Experian, Equifax, and TransUnion. Is everything correct? If not, contact the agency reporting the inaccuracies and ask for a review.

4. Build a savings account for emergencies. You won't have credit for awhile, and you'll need cash on hand if the car breaks down. Saving money also demonstrates that you are managing your money wisely.

5. Consider a secured credit card. This means you'll put a deposit down for a credit card and the amount on deposit is usually the credit limit. Charge one or two things per month and pay the card off every month on time. Do not carry a balance on this card. Once you've been using this card for at least a year, you may start getting offers for unsecured cards. Don't do it. You may be capable of having another unsecured card down the line, but don't jump back into using unsecured credit or you'll be back where you started.