how do i build my credit back up if i have had horrible credit and debts?

Answer 1

Its a very, VERY slow process and it takes years.

1) Review your credit report. See if you have any outstanding debts on your report and get them cleared up. Many places are willing to settle huge debt for a small portion of the debt. Their philosophy? Something is better than nothing.

2) Got credit cards? If they have balances, shelve 'em and pay down the balances. When the balances get to zero, cut the majority, leaving one or two. Initially this will hurt your credit report (because cancelling possible credit lowers your credit score) but it seperates you from temptation.

3) Don't have a credit card? Get a secured one. If you're a part of a credit union, try and get one from them, or get one from a company that deals with people with bad credit. Admittedly, you'll have to pay for the card, you'll have an annual fee, and your APR will suck, but you'll be on the slow road of rebuilding credit.

4) Don't apply for any new credit or anything for a few years. The more apps you have, the worse your credit score.

5) Check your credit report regularly. Thanks to federal legislation, you are entitled to a free credit report every year, one from each of the reporting companies (Experian, TransUnion, and Equifax). Don't go to www.freecreditreport.com ; that's just Experian. Go to www.freeannualreport.com, and it will explain the entire process to you.

6) Be patient. Getting good credit back takes a lot of time. Take it from someone who knows; I'm still on the path....

Good luck.

Answer 2

get a credit card (it will probably need to be a secured one) use it a little every month and keep it paid up to date.
that will get it going
it is going to take time
the phone and electric companies often report to the credit bureaus so make sure they get paid too.