I am 23 years old and I have bad credit how would I go about getting good credit?

I have acct. charged off on my report from credit cards when I was younger-Should I try to contact the card companys to make payment arrangements or what should I do?

You should repay the initial amount, plus interest plus any fees. This would be the responsible thing to do. Then write the credit bureau to remove the negative item from your credit report.

Otherwise, the negative item will remain on your credit history for 7 years.

Either pay off your debts or wait seven years, the responsible thing to do is pay it off. Be a man.

You have a standing balance with credit cards that you are not paying already? If I'm understanding this right then yes, pay those. Contact a bank consultant about how to fix your credit or what can be done.

wait till it clears but still pay as much as you can as of right now, you don't want to be in debt or anything.

when you're credit clears just pay everything you need to pay on time and be careful with credit cards. do something simple like a sear's card or a macy's card. that's how my grandparents have better credit than pretty much anyone in my family

Honestly I would call them to start making payment arragements. Make them an offer and sometimes they will lower the total of the bill. I work for collection/law office I see it happen everyday..

To get good credit get some type of credit card and use it and pay it down use it and pay it down. It regains your credit

Also you can go to a bank and get a consolidation loan and that way it will pay the credit cards off and you will just have one monthly payment.

First, make sure all the information on your credit report is accurate.

Second, try to pay off all or any accounts that are currently in collections or make payment arrangements with the creditor to pay off the balance monthly.

Third, any credit card that is over 50% of the available credit line should be paid down to under half of your total credit line. Your credit score is lowered when your available balance is over 50% of your total credit line.

Finally, if you have bad or no credit and have no credit cards try to obtain two credit cards and make sure all of your monthly payments are made on time. This will help increase your credit score. If you cannot be approved for a unsecured credit card, obtain a secured credit card.

Repairing your credit and improving your credit score is a slow process that takes time.

A paid collection is better than a charge off on your record. If you get a copy of your credit report, most listing have a phone number that you can call to contact the lender.

Aside from that, get a credit card (secured if you must) and charge a small amount that you can pay in full each month.

Improving your past history as well as establishing good credit from here out will improve your credit score. It will take some time, though. Be diligent about paying on time every month. You can pay most credit cards online, and some even give you the option of having the minimum payment auto-deducted from your bank account every month so that you are NEVER late.

Good luck reestablishing your credit. It takes some time, but is well worth the effort.

Just repay your debt...then make a promise to yourself to protect your credit from here on out.

Yes..do this NOW...talk with someone at your bank, explain the situation and that you want to rectify it, also contact all credit reporting companies to get your full credit history, and start making payments...sometimes charge offs are impossible to pay back, but most places will work with you!
You are doing great wanting to clear up your past..keep it up!
Ps..getting a new credit card and paying off the balance in full will NOT help you get good credit, pay 90%of the bill each time, and once every 6 months pay it off in full..this establishes "credit"

First of all, where are you? If you're in the UK, I wouldn't bother contacting the companies. If they want their money back, they will come for it soon enough. I would suggest that if you are working, open up a basic bank account and have your wages/salary paid in to this. Manage this account properly, and use it to pay for things by setting up standing orders, direct debits etcetera, and keep it in the black. This should help to improve your credit rating. If you manage your finances properly in this way, then banks will start offering you better cards and accounts. If things are really bad though, I would get in touch with the Consumer Credit Counselling Service, or the CAB for some free and impartial advice. Good luck with it all though.

Just several years of proper credit management. no CHARGE offs, no missed payments, no bad trades ect ect. Even one can hurt your credit. Fairly soon that charge off will drop off your credit report, when that happens you work towards earning a very high score. But until then you are just going to chip away at it by ALWAYS paying on time.

Well, it's good to know that you're trying to get that back on track. Hey don't get discouraged, people make mistakes, that's why they put rubber at the end pencils for. Well, for starters, it would help to know what makes up your credit.

1. Payment history 35%
2. Debt owed vs. Available credit 30%
3. Length of time establishing credit 15%
4. Types of credit established 10%
5. Inquiries and New Accounts 10%

Ok, now that I got that out the way, as you can see #1 and #2 are the 2 most important being that it makes up about в…” of your score. Well what you'll need to do is get a copy of all 3 of your reports from http://www.annualcreditreport.com to determine who and how much you owe.

Once you've gotten that all together, then arrange the debts in order from the most recent to the oldest. Reason I say this is that you want to check the statute of limitations on these accounts. Now what I mean by that is that there's the federal law that allows debts to be reported for 7ВЅ years on a credit report, but there's also a statute for collecting debt that can vary by state that allows a certain period of time for collectors to take to you court for the debt. (click here for your state http://www.acollectionagency.com/statuteoflimitations/index.php) Credit cards are usually written accounts. Reason I tell you to check this first is becuase you that if the legal limit to collect on the debt has expired, that could give you much needed leverage in making payment arrangements to where you could negotiate a much lower payment in return for having it completely removed from your record. It doesn't always happen, but it's very possible. (click this link for step by step details on how to do this http://www.creditinfocenter.com/debt/settle_debts.shtml).

Hopefully, you'll be able to negotiate to get that bad debt cleared, now you'll have to open some positive accounts. The easiest way to do this is by opening up one or two secured credit cards. They're the easiest to get approved for, but you'll have to put a deposit upfront in order to get the same amount in a credit limit. This isn't a bad thing really, you can think of it as building credit with a savings account. The deposit is used as collateral in case you become delinquent and then it's used to pay what's owed. But as long as you pay on time and keep the balance managable, usually after a year, the deposit is given back and a better card is offered. From there, then applying for a department store card, then that should be it for any credit cards. Another way to build credit would be to take out a secured personal loan using a CD or savings account as collateral. Take the proceeds from the loan and put that into another CD to gain interest and make sure that the term of that CD is shorter than the loan, so that you'll be able to pay the loan when necessary.

These are just a few ways to get yourself back on track, oh and by the way, I posted several links to get yourself a secured credit card

I hope this answer helps,

Good Luck!

Credit cards to rebuild credit http://www.ccvault.com/credit_cards/bad_credit.php
I recommend Orchard. And make sure to pay your bills in full and on time.

good luck

yeah u should pay them off,but there is still going to be bad credit ,you need to get another card and use it a couple of times a month and at the end of each month pay it off in FULL keep doing this and it will slowly rebuild your credit,credit takes time to repair,u have to be patient and don't keep charging stuff and paying minimum payments because that gets you no where,always pay it in full at the end of the month ,don't charge more than you can afford to pay!

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