Whats the first thing I gotta do to fix my credit?

Question

I know mine is awful.

Answer 1

Serious, you've got some good answers here that explain some of the issues that affect your credit score.

Although there can be other issues, a bad credit score usually indicates that either you have been lax about paying bills on time, or that you didn't have the money to pay them. Either way, it probably indicates that you are having trouble handling debt.

You asked "what's the first thing...". I suggest the first thing is making a plan to reduce your debt load. Reduce your spending, and get one bill completely paid off. Then use the income stream you were using to pay that bill, and apply it to the next one to pay it off faster. Keep doing this until they are all paid off. If you have a lot of credit cards I suggest reducing the number for a variety of reasons including reducing temptation and reducing the risk of someone else making fraudulent charges on them.

Here is a report that explains in a little more detail (including something about the nature of interest):

http://mutuallyassuredsurvival.com/files/6/freeinfo/entry87.aspx

Having fewer outstanding bills, less overall debt, and making the payments on time and for at least the minimum payment due (preferably MORE), will improve your credit score. Please understand that by paying only the minimum payment, you are probably paying a lot of interest, and interest adds up dramatically.

If you are already in over your head then you might need credit counseling as others have suggested. If so, please get references and do some background checking on the credit counselor, to make sure that the agency is honest and reputable.

Good luck and great prosperity to you.

Answer 2

1. leave them at home, if you don't have them with you, you won't be tempted to used them.
2. if the balance is very high, cut the card or cards and trash them, and continue making payment on time. try to maximize your payment as much as you can, "never" pay just the minimum amount due.
3. check your credit report at least once a year for accuracy; You entitle to a free copy every years, this is a good site www.experian.com
4. If you still having major problem, consider seeking credit counselors. Don't stress yourself over the credit card, just start doing some damage control.

you are not along, I made some bad decision with my credit card around 18, but i manage to clean up the mess now. good luck

Answer 3

i'm no longer a Sony fanboy yet Nintendo and Microsoft abandoned the two consoles after the recent consoles got here out a minimum of Sony nonetheless help the PS2 and PSP on an identical time as helping the final console PS3. My criticism to Microsoft have been them transport out the XBOX 360 which has a good style of concern because of the pink Ring of demise that's purely a device you are able to no longer have confidence. needless to say Microsoft could have examined the product and nonetheless Microsoft by no ability theory approximately changing it. i do no longer purely like the assumption of having to pay for the internet provider the two as i'm already figuring out to purchase a cyber web connection. Nintendo have carried out a sturdy pastime with the Wii rather with video games like the Mario sequence are super and then abode of the lifeless Overkill and much less Heroes that are all super on that device. My purely criticism with Nintendo is this so called Seal of top quality Nintendo could be banning each and every of the shovelware happening the Wii and DS.

Answer 4

I agree with the first 5 points in La Roche's answer but not the rest. Applying for credit is not a bad thing...using it and not paying it is so applying for a credit card, even a secured card, and keeping up with your payments shows responsible use of credit.
Paying off a card is good but don't close the account as having a credit account paid in good standing is a positive feature in your credit.
Finally, paying the collection bill in a lump sum can save you over 50% of the account but you should get it in writing that they will agree to the reduced payment and that they will report to the credit agencies that you have paid in full.
See bankrate.com for more info and a form letter you can print out to send to collections to help you negotiate a lower payment.

Answer 5

1. Get a copy of your credit report
2. Make sure all the debt showing on it belongs to you. I've had erroneous information on mine that I had to get cleared up. It's not that hard.
3. If you have collection accounts, pay them off
4. If you have delinquent accounts, bring them current
5. May your payments on time, and continue to show payment responsibility
6. Even if you can get it, don't apply for more credit
7. If you don't have sufficient income to pay your accounts, talk to your creditors about making payment arrangements. Don't pay a reduced amount, pay the entire balance. Paying a reduced amount will show as a "charge off" on your report. It means that the creditor took less than what they were owed.
8. If you have credit cards that you don't need, close the accounts and pay them off.

Just be responsible with your credit. It used to be that it only affected your ability to get credit cards or loans, but now employers are looking at your credit history, as are landlords.

Answer 6

The FIRST thing you should do has nothing to do with your credit. WRITE down all your income and expenses. Until you are sure you are not spending more than you earn, anything you do to improve your credit is a band-aid, not a cure.

Answer 7

pay off as much debt you owe. make sure not too spend more money then you have or more money then what you think you have. try to shop alittle cheaper. try to save up money. and stay on the banks good side. lol. and try better next time and never give up.

(i honestly tried to answer the best i could.)
~sadly in this world money is everything now..money is practically life itself..with out money people... can't afford to live anymore... what has things come to???? i don't believe it should be this way.... some things need to change....~

Answer 8

Apply for more credit cards.

Answer 9

No other way. Either you pay the whole lump sum or you die, then it is fixed.

Answer 10

You need to stop all unnecessary spending.