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slvrapple | How to rebuild your credit? |
hi im 19 years old and have had credit cards for a little over a year now, i messed up big time with the payments because i had no job and ended up having all 4 of my cards sent to collection agencys, my score is 500 right now and i just paid off all the collection agencies and got a secured card from bank of america with a credit limit of 500. i was just wondering how long it wud take to rebuild my credit to where its above average |
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Oscar
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the best way to rebuild credit is to file for bankruptcy.. oh wait, I mean pay your bills.
Thats a tough one.
The way credit works is that the more you owe, the lower a credit score you will have. Also delinquency plays a role. I have always paid all my credit cards in full, on time. But, since I have three cards, my credit is a 788. If I were to pay off those cards and close the accounts, that score would go up.
If you have more than one card, you could pay them off and cancel them. That may provide a very small temporary increase. Credit is a good measure of risk when looking at an individual. The more credit cards a person has, the more likely they are to get into a debt that they cannot pay.
Dont take out any loans, dont buy a house, and dont lease a car... aside from the fact that leasing a car is foolish, anyways (from a financial standpoint).
The most important thing you can do is to always pay your bills, as mentioned above. The only way to improve your credit on a long-term basis and sustain that improvement is to always pay the full balance on your card on time. |
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keashka
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You still have a credit card, so start using that instead of writing checks. Only buy things that you know that you have the money to cover, and charge them to your card. At the end of the month, pay the bill on time. After a few months, you will start to see your credit line increasing, and your score will rise. |
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Sgt Big Red
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Due to the accounts going to collection, this information will stay on your reports. In general, the 7-year Statute of Limitations on Credit Report Information! referred to in paragraphs (4) and (6) of subsection (a) of this section shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.
Just keep your current accounts paid on time and your score will change drastically in 7 years.
Hope this is of help. |
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mycredit wealth,com
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You should feel good about paying them back when you could.
You are still young and your going to need your credit your whole life. One day your going to get married start a family by a house. ETC So just make sure you don't get over your head.
Don't get a credit cared with high fees and annual rates with low limits just cause you think you will rebuild your credit. Those cards where designed for people to fail
Take your time and do it right
if you have any questions let me know ryan@robertscreditgroupcom |
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Steve R
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Pay your bills on time. |
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GTW
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you could get a small personal loan and pay it off in a few months or you could get a credit card and use it for small purchases and pay it off at the end of the month that way you do not pay interest and you are buildig credit, check out www.fastcreditcardapprovals.com here you will be able to compare all major credit cards side by side on rates and rewards. GOOD, BAD OR NO CREDIT they have the right card for you. |
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irishcapper
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This of course is after the fact but always be aware of your rights as the collection agency does not have the right to report to the credit agencies as they are not the creditor you had an agreement with.They are a third party debt purchaser/collecter. The good news is your only 19 so you will have some time to rebuild your credit and it sounds like your on the right path.Make sure that Bank of America is reporting to all three credit co...Transunion,Equifax,Experion. The next step you should take is to try and get the bad credit removed from your files and educate yourself on how the system works.Your only 19 get ahead of the game knowledge is power go to http://www.creditinfocenter.com this is a great forum that has all the information and laws you need to know and the forms to send off at no charge. Good Luck |
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Lauren
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use your new card, pay it off when you use it, and continue to do so without missing any payments and your score could START to go up within a couple of months, but more than likely 6 before you see it go up much. Ask your grandparents or parents to add you as an authorized user WITHOUT giving you a card and this will raise your score as long as they make their payments regularly.
addition: closing accounts does not help your credit, it keeps it the same. Open, satisfactory accounts further contribute to credit building. Closed accounts that were satisfactory do not gain more points.....this is common sense. |
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nebula7693
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You are awfully young to have ruined your credit already. I recommend better financial management and responsibility.
However, since you are already in this situation, there is another option you can look into. Credit restoration. Many people will tell you it is not legal or that it doesn't work. However, those people generally don't know the facts. If it wasn't legal there would not be laws governing how it should be performed and taxed. The Fair Credit Reporting Act is the set of laws passed by Congress which outlines exactly what needs to be done to repair your credit. It is just a matter of knowing how to use those 300+ laws to your advantage. The Credit Repair Organizations Act is the set of laws passed by Congress which defines how credit repair companies must conduct business.
But, beware, there is really only a handful of legitimate companies in the United States that are trustworthy and worth the cost. As a general rule of thumb, if a company tells you that they can get the job done in 30, 60 or 90 days, stay away from them, they are not going to do the job for you and you will lose your money.
If you go to this blog, http://creditconcerns.blogspot.com/2007/01/truth-about-credit-repair-arent-they.html, you can read an article I wrote about how to find a legitimate company versus a potentially scandalous company. Educate yourself before jumping into this arena.
Be prepared to pay. If you want a good company who will guarantee their work (in accordance with the Credit Repair Organizations Act which severely restricts the kinds of guarantees that can be made) it will cost you upwards of $1000. Stay away from companies who charge you a monthly subscription fee as they tend to milk the process in order to get more money from you. Go with a flat fee company as you will know exactly how much you are going to pay and what you are going to get for that money. Most flat fee companies will allow you to pay that fee over time.
If you have further questions regarding credit issues, you may feel free to email me at nebula7693@yahoo.com |
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heybulldog
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Have you not learned a lesson?
Stay away from credit cards.
Dont obsess with the I love debt score.
All you get from obsessing with the I love debt score is debt! Thats all.
Pay as you go and live on less than you make and you will have money. If you dont play the credit card game and borrow money. You will have money. If you have money you dont need to obsess with the I love debt score.
Debt free is the way to be! |
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ashmo_13
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it takes 7 years to rebuild credit, just make sure you pay it off every month.
I'm Canadian... it takes 7 years to get a derog off your cb... I'm a banker |
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