When i was 18 i got some credit cars (real bad mistake) and then not real long ago i took out some student loans. I really thought i would be able to pay them off, but my mom had something real bad happen to her and i had to quit work in order to take care of her. So, i was unable to pay my loans. they went on my credit report. Now i am able to make payments. will that show good on my report?
2006-11-27 16:41:58 · 3 answers · asked by carriec 7 in Business & Finance ➔ Personal Finance
Yes but it may take sometime to repair the damage done. Just stay current on your bills and your credit score will rise. Alot of people do not realize that credit is easy to build. 1) Stay current on the bills you do have. 2) Get at least one no more than 3 secured credit cards. They will show you are managing credit if managed properly. 3) Do not close your older accounts the age of the accounts really help your score. 4) Dispute any negative especially old negative accounts. Do this only once per account becuase the Credit Bureaus do keep track of disputes. Hope this helps and God Bless.
2006-11-27 16:48:28 · answer #1 · answered by bamaboy_t 2 · 1⤊ 0⤋
Call the student loan agency and talk to them. Maybe they will remove some of the hits they put on your credit. Keep up the payments with them and if you can't make a payment, call them. They are totally cool to work with.
Another thing you can do (aside from keeping your payments current to everyone) is when you are getting ready to make a big purchase like a house, send a letter to all three credit reporting agencies explaining the bad payment period in you life and why it occured. They are required by law to attach that letter to your file.
Also, pre- warn your future mortgage loan officer of the bad payment period.
2006-11-28 00:48:38 · answer #2 · answered by maamu 6 · 1⤊ 0⤋
yes your credit score will drop.
2006-11-28 00:43:58 · answer #3 · answered by Anonymous · 1⤊ 0⤋