How can I rebuild my credit?

Question

At an young age I aquired alot of credit cards and different things on my credit. Now that Im older I cant get anything in my name. Whats the fastest way to rebuild my credit?

Answer 1

There is no "fast way" to re-build your credit once you have ruined it. It took you years to get into debt and behind in payments and whatever else happened. It takes years again to rebuilt your credit. The first step is to get a copy of your credit report. Make sure whatever is on there is accurate. Items that are over ten years old can be removed also. Some banks such as B of A have a plan where you put money into an account and they will issue you a Visa credit card with a limit up to the amount you have in that account. You cannot withdraw and money from this account either. It is a "secured" credit card. It is one way to start to establish a good credit history again. Other bank may offer this as well. Eventually after showing that the amount owed on that card is never more than 1/3 of it's limit and you have paid on time you may be able to get a small charge account with a minimum amount say at J.C. Penny's. Again you cannot undo what took years for you to do. It will take time.

Answer 2

Go to the credit bureau and get a copy of your report. Contact all accounts that say "collect" and pay them off. Make a copy of the proof of payment and send to each of the credit bureaus. If you want help with this, I can provide you with a form.


Secondly, do not get credit cards. They are not a good way to build credit. Save up a grand, put it in the bank and leave it there for 6-8 months then ask your bank for a signature loan using the funds (frozen assets) as collateral. Pay it back within a few months while adding money to the savings account. Once you reach 2 grand, do it again and take a year paying it back. By the third year, you will have enough credibility to ask for a car loan then in three more years with good credit established with on time payments, you should ask for a mortgage. This should all take about 7 years. Good Luck and pass it on.

Answer 3

Slowly. First, make sure you have a job. Then, get one of those secured credit cards..that have a limit backing up..like a $500 limit. They are secured, because you have put that much money into an account to pay it in case you default. Then, PAY YOUR BILLS on time. After about 7 years, the old stuff will fall off your credit, and you will be able to start again by getting 1 store card. Then, eventually work your way up to credit reliability. There is no fast way to do this. Figure it will take about 7 years from the last default before your record is clean enough to start earning credit.

Answer 4

This is a site to get a credit card with a low limit at first,but it will increase with on time payments and rebuild your credit.
http://creditoffernow.com/ultimateoffer

Answer 5

Get a small loan from your bank, and pay it off, montly that will bring up your credit score

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