In my twenties I got things on credit and really didn't care if they were paid or not.Now that I'm in my late thirties I feel the need to improve and really have things that I need.I was very irresponsible and have now grown up.
2006-06-14 05:13:46 · 11 answers · asked by sherell212004 2 in Business & Finance ➔ Credit
Concentrate on the credit you will need to pay off. Especially if you are trying to get a house. It will be helpful if your credit score is at least 600 or higher. Hope this help?
LC
2006-06-21 05:22:18 · answer #1 · answered by littlebit 5 · 0⤊ 0⤋
Yes - you can recover - but you have to want to! Cancel all your credit cards and get a debit card on your checking account. Use that only - for the time being. Credit cards - always make the payment early! and add more to the payment than what is minimum. Main idea - get rid of credit card bills! If you have huge cr cd bills go to a credit councelor. They can usually get you a hugh reduction on the interest.
When you get to the point you can "breathe" get a deposit credit card - and pay it off totally every month! Then - after 3 years - buy a house. Lots of programs available for that.
Last but deffinately not least - Believe in yourself that you can turn everything around! Good Luck!
2006-06-14 12:23:31 · answer #2 · answered by Blond Logic 4 · 0⤊ 0⤋
time cures all -- almost all of the bad stuff will be gone from your credit record in 7 years (usually 9 years for judgements). In the meantime, get a few credit accounts from places that will let you with your poor credit, such as department store cards, and use them responsibly: buy things you need to buy anyway, then pay off the balance at the end of the month. Don't run up a large balance that you pay off over time. As bad things start to drop off your credit report, the good stuff will start to outweigh the bad stuff, and you'll be more able to get credit. SAVE for the things you need that you don't have money for rather than buy them on credit, except for possibly cars and houses. It'll get better in just a couple of years, and in 7 years or so you could have excellent credit.
2006-06-14 12:19:39 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Sure took you a long time to grow up! Lol : )
But seriously, yes, you can always imporve your credit. First, you need to begin to pay off the cards. Call them, tell them you are in debt and want to make things right. You need them to lower the minimum amount and pay that every month. If they won't, pay it on time, never missing a payment until you are finished.
Cut up those cards! You really only need one good card. Contact the companies you have paid off and tell them you are closing the account (that is how it should show on your credit report), send them a letter as a follow up to that phone call.
See Suze Orman's books about debt, wealth, finances etc., she is really good. "The Road To Wealth" explains a lot. She also has a website.
2006-06-14 12:22:22 · answer #4 · answered by MadforMAC 7 · 0⤊ 0⤋
it takes time and good habits to fix bad credit.
live within your budget. pay all your bills on time and set aside some money for emergencies
close all high interest credit cards with a zero balance.
get a copy of your credit report to see where the problems are.
pay off all credit cards you have one at a time (starting with the one that charges the most) and close them with a zero balance
repeat this until you are down to one credit card with a zero balance and use it for necessities and pay the bill in full each month.
write letters to the companies you have problems with to see what you can do to rectify the problem.
you may need to get a lawyer involved to remove some black marks from your credit report.
2006-06-14 12:22:38 · answer #5 · answered by oldsoftee2001 6 · 0⤊ 0⤋
Absolutely. My divorce was finalized 18 months ago. I got really screwed and my credit went from excellent to a fico of 472. 18 months later my credit score is now 680. You must get your credit report from all 3 bureaus. Go over each line item with intense scrutiny. You can dispute any errors with the bureau by sending a letter to them. They have 30 days by law to investigate and make changes. I dropped $38,000 in debt ratio from my report by items that were reported incorrectly or not even in my name.
Importantly for you, most negative info can not be reported after seven years by law. You can have it removed. Bankruptcies can stay for up to 10 years.
Any questions contact me at sabertoothmonster@yahoo.com
2006-06-14 13:21:16 · answer #6 · answered by sabertoothmonster 3 · 0⤊ 0⤋
I had the same dilemma a few years ago and got out of it. Start by setting a goal. increase your credit payment by 10% each month for example.
You will soon realize that by simply adding a few dollars a month will solve your credit problems.
2006-06-14 12:23:23 · answer #7 · answered by cryptic_asian30 2 · 0⤊ 0⤋
forget it mate once you are reported to credit agencies even if u earn a mil a year as far as creditors are concerned you are a risk that is capitalism for you at its best rich will get richer you will get poorer you are only as good as your next payment
2006-06-14 12:22:13 · answer #8 · answered by colonel 2 · 0⤊ 0⤋
I am doing it now.....it takes time and patience.
Lots of money being paid on time or early
2006-06-14 12:28:01 · answer #9 · answered by ♥--->{Shauntee}<---♥ 4 · 0⤊ 0⤋
it takes 5 years of good borrowing habits.
2006-06-14 12:17:25 · answer #10 · answered by Iron Rider 6 · 0⤊ 0⤋