My husband and I are currently enrolled in a debt management program recommended by my credit union... Because of this, all of our accounts have been closed. How can we rebuild our credit and bring our scores back up (they are in the mid to high 500s right now)? How long can this take?
2006-08-18 04:02:23 · 5 answers · asked by Kristy K 1 in Business & Finance ➔ Personal Finance
You might get started here:
http://finance.yahoo.com/banking/managing_your_credit_rating/article/100719/strengthening_your_credit_file
Then pan out to these links:
http://finance.yahoo.com/banking/managing_your_credit_rating#Credit%20Report%20Basics
It'll be a long road (item stay on your credit report for 7 yrs, backruptcy for 10) but when the major items drop off, celebrate, but not too much!
Hope this helps! Good Luck!
2006-08-18 04:37:14 · answer #1 · answered by kcincon 3 · 1⤊ 0⤋
The best solution for you now is to focus on your repayment plan. Getting rid of that debt is far more important than your score.
That being said, you will likely experience steady increases in your credit score as you pay down your debt. If you are looking to boost your score faster, making higher payments through your debt management program will do that. You can discuss that with your credit counselor.
This article explains why DMP enrollment no longer causes credit score reductions. Payment progress and account history is what does.
2006-08-18 04:39:27 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Here are some good articles on (re)building good credit:
http://banking.about.com/od/loans/a/buildcredit.htm
http://www.pueblo.gsa.gov/cic_text/money/credit-record/crrecord.htm
http://www.providian.com/cmc/build_cred.htm
Hope this helps!
2006-08-18 04:40:36 · answer #3 · answered by extremenerd 7 · 1⤊ 0⤋
Try talking to Primerica Financial Services, their services are free and they can give you advice on how to become debt free and financially independent. Good luck, I know it is hard, but you can do it
2006-08-18 04:37:22 · answer #4 · answered by Anonymous · 1⤊ 1⤋
A few good articles for you:
Building Wealth by Reducing Debt
http://www.askaquery.com/Answers/qn1578.html
How to lower your debts?
http://www.askaquery.com/Answers/qn1576.html
How to reduce debt : How to lower your expenses?
http://www.askaquery.com/Answers/qn1577.html
2006-08-18 07:08:52 · answer #5 · answered by pied piper 1 · 0⤊ 1⤋