There are five different things that you should always avoid getting on your credit report, as they can be incredibly damaging and hard to get rid of when you want to repair credit fast.
Foreclosures
If you are unable to make payments on your home, then the bank will more than likely move into the foreclosure process, and attempt to sell your home to someone in the hopes of reclaiming their money. Once this happens, there is nothing you can do, and even if you manage to cut a deal and keep your home, the negative effects of not paying on time can harm your credit score as well. These detrimental processes take seven years to be removed from your credit report, and make it almost impossible to repair credit fast.
Bankruptcies
This is perhaps the single worst thing you could do to your credit. Bankruptcies stay on your credit for ten years, and can likely keep you from getting credit extended to you for any reason. This does seem like a grand idea when you are faced with debt that you can't pay, but it should be stressed that if you want to repair credit fast, then you should avoid bankruptcies at all costs.
Charge Offs
Charge offs occur when you fail to make payments on a debt for 3-6 months in a row. The creditors will then write your debt as a charge off, and can submit or sell it to a collection agency. A charge off will stay on your credit for seven years, even if you pay the debt through a collection agency at a later date. So, charge offs should be avoided if possible.
Tax Liens
There are several kinds of tax liens that can be detrimental to your credit report. When you owe the government state or federal taxes that you do not pay, then they can place a tax lien against you, which will not allow you to get financed for anything until the debt is paid. If you wanted to repair credit fast with a tax lien, the odds are against you.
Judgments of Any Kind
When you fail to make payments and collection agencies have no luck collecting a debt from you, they can take you to court and get a judgment for that debt against you. Judgments are horrible for your credit score because they show that not only did you not pay, but you had to be taken to court as a drastic method for a company to get what you owe them. Judgments also stay on your credit for seven years, which gives them plenty of time to be seen.
The five things above are items that you never want to see on your credit report. While late payments are enough to lower your score significantly, these items could make it almost impossible for you to repair credit fast.
