How do i increase my credit score while i have late payments, charge offs,and collections?

Question

I have charge offs, late payments. One involuntary repossesstion,
medical, credit cards and credit collections on my credit report. I see no way out of debt.

Answer 1

Stop using credit. Pare down your life so you have only the things you can afford. Chip away at your debt at the same time. It may take 10 years but you will be free eventually.

I even lived without a car for 2 years - no easy feat in Maine - and it saved a lot of money, plus I lost lots of weight.

Answer 2

You came to the right place, Dwayne. Here's what you do: don't worry about anything in the past. Paying off charge offs won't help your credit now..just wait for them to fall off. The worst mistake people make is thinking paying old debts improves their credit. It won't. A charge off is a charge off, paid or not. Just it showing up on your credit report is black mark.

The BEST thing you can do is pay your current bills on time. If there is any debt you incurred in the last 1-2 years, try to bring that current or work out a payment arrangement. Anything over 2 years, don't worry about it.

The bottom line is you can improve, slowly but surely. It's not the end of the world. So what, you might not be able to get some things you think you might want right now but that doesn't mean you won't ever be able to get them. And have you ever heard the saying, "be careful what you wish for, you just might get it!". There are some people with expensive homes and cars who wish they weren't in that position. Work on it slowly but surely and you can get there.

Answer 3

You just have to start paying your bills on time all the time from now on.
It will take some time for your credit score to increase, old delinquencies, will stay on there for years, and agencies sometimes take a long time to remove things after you pay it.
but it will still look good if you are making payments every month.

Your credit doesn't need to be perfect to buy a house and being a homeowner increases your credit score. When I bought my I had to pay off some old bills from when I had roommates that stiffed me on bills. Other things I didn't have to pay off, but I had to write letters explaining why it wasn't paid.

Also, every time you apply for a credit card or a loan your credit score goes down a little.

Answer 4

I think the only real way to improve your credit score is to start paying off those debts.

Yes, it will be very hard, but that is the first step. You don't have to pay it all off at once; just start with one thing at a time and pay as much as you can (you don't want to spend your whole paycheck on bills and not have money for food).

Hope this helps.

Answer 5

only you can clean up your credit history, no one else. it sounds like you are living beyond your means......if you can't afford it, don't charge it. cut up all of your credit cards except for one, and start making your paymetns on time. get a part time job if you need to catch up on your payments. a poor credit score is a bad thing to have.......it may take you 5-7 years to get your credit score repaired, so you need to start today

Answer 6

Get current and stay current. Your credit score goes down quickly and up slowly.

Better yet, stop using credit. Cash avoids all the problems your having. Follow the link below to learn how.

Answer 7

Let professionals help you get that stuff deleted. The credit repair industry is ever-growing. Most are non-profits that offer money back guarantees.

Answer 8

consolidate your bills is the best way to lower your interest and pay it off. for more Free tips and advices go to http://www.hotloansources.com