Dealing with credit shame: How to rebuild your trust with money

Credit shame is real, and it’s more common than most people think. If you’ve ever ignored a bank call, hesitated to apply for a loan, or felt anxious opening your credit report, you’re not alone. Many Nigerians silently carry the weight of poor financial decisions or unplanned setbacks that damaged their credit.

What Is Credit Shame?
Credit shame is the shame, guilt, or regret over past financial choices, especially those that have led to debt, default, or a bad credit score.
It may sound something like:

• "I've messed up too much to recover."
• "No bank will ever trust me again."
• "I don't even want to look at my credit score."
  But sticking your head in the sand only gives the problem more power.

Where Does Credit Shame Come From?
Credit shame is often a result of:

• Unforeseen setbacks (loss of job, medical problems, business failures)
• Lack of financial education
• Pressure to keep up appearances
• Social stigma around debt and lending

The Nigerian money culture isn't always accommodating of grace when making money mistakes. Nevertheless, mistakes are part of the journey, and so is recovery.

How to Rebuild Your Trust With Money

If you're open to moving from shame to strength, begin here:
1. Face the Numbers (Without Judgement)
The journey of healing starts with the truth. Obtain your credit report, review your debts, and know your financial standing. It could hurt, but openness gives power. Use tools like the Scorewise app to check your credit score and report fee. It’s available for download on iOS and Android.

2. Detach Your Self-Esteem from Your Credit Score
Your credit score does not determine who you are, it's a measurement of past financial activity. It can get better because it can be fixed.

3. Create Small, Achievable Financial Goals
Start where you are. Retire a small debt, build an emergency fund, or develop a monthly budget, momentum builds confidence. Trust is rebuilt through consistency even in small actions.

4. Get Educated, No Shame in Learning
Financial literacy wasn't something that everyone learned as they grew up. Don't be embarrassed to learn now. Read blogs, attend webinars, or follow solid financial educators online.

5. Discuss It (If You're Willing)
Shame thrives in silence. Talking to a trusted financial advisor or friend can be healing. You may be amazed how many others are walking the same journey.

Anyone deserves the chance to start over. The financial services industry is finally catching up on that idea, with more tools, education, and second chances available than ever before. Credit recovery is intentional, it's choosing to show up for your financial future, even when you're feeling defeated.

Take that first courageous step by checking your credit status. Download the Scorewise app on Google Play Store. and the App Store to view your credit score, monitor your progress, and get personalized guidance on how to enhance your credit health.